PayMaya launched InstaPay, just as it added more bank partners it its list of Add Money channels.
From left: PayMaya Philippines VP and Head of Domestic Business Lawrence Ferrer; PayMaya President and CEO Orlando Vea; BSP Governor Nestor A. Espenilla Jr; FINTQ Managing Director Lito Villanueva; BSP Deputy Governor Chuchi Fonacier; PayMaya Managing Director and COO Paolo Azzola; and Voyager Innovations Head of PR and Communications Nick Bautista Wilwayco
Through InstaPay, account holders can now transfer amounts of up to P50,000 from their bank accounts and receive them in real time to their PayMaya accounts anytime and any day of the week.
Initially, through InstaPay, depositors of Asia United Bank, BDO, China Bank, Chinabank Savings, Equicom Savings Bank, Security Bank, and UnionBank are now able to send money to their PayMaya accounts. More bank and non-bank partners will be added in the coming months as they get accredited by the BSP to be part of InstaPay.
PayMaya is one of the first two Electronic Money Issuers (EMI) in the country that is able to receive money transfers from these sending banks.
To send money to PayMaya via InstaPay, depositors of these banks only need to log on to their respective online or mobile banking facilities and look for the InstaPay option, where they can enter the transaction details such as the PayMaya mobile number and the amount they want to transfer.
InstaPay is an initiative led by the Bangko Sentral ng Pilipinas under the National Retail Payments System (NRPS) framework that aims to further boost the amount of digital financial transactions in the country, in line with its goal of increasing the share of digital transactions to 20% by 2020 from 1% at present.
PayMaya, along with Voyager’s financial technology arm FINTQ, has been making inroads toward this goal over the past several years as it aims to help have at least 30 million Filipinos to be financially included by 2020 via its various digital products and services.
“This is yet another milestone in our drive to help build a ‘cashless’ ecosystem throughout the entire country. With the help of InstaPay and our bank partners, we are bringing more ways for our account holders to add money to their accounts, which will help them take advantage of the growing digital economy here and around the world,” said Orlando B. Vea, President and CEO at PayMaya Philippines.
PayMaya is the digital financial services arm of PLDT and Smart’s Voyager Innovations.
Vea is also the representative of all Electronic Money Issuers (EMI) that are participants to InstaPay as members of the Philippine Payments Management, Inc. (PPMI). Aside from PayMaya, the other EMIs are Mynt, NationLink, and OmniPay.
Aside from InstaPay, PayMaya account holders may now also add money to their accounts via the online bills payment facilities of Unionbank, RCBC, and BDO, among others.
This is on top of the more than 15,000 Add Money touchpoints already available to PayMaya users nationwide, including 7-Eleven branches, SM Business Centers, Robinsons Business Centers inside Department Stores, Touchpay Kiosks, UnionBank ATMs, Shopwise, Wellcome, 2Go, ExpressPay, Cebuana Lhuillier, Palawan Pawnshop branches, and Smart Padala centers, among others.
Once they have added money to their accounts, PayMaya account holders may do online shopping, bills payment, buying of airtime load, as well as paying in partner merchants nationwide through their PayMaya cards or PayMaya QR.
