PayMaya won two major awards at the Philippines’ first-ever IDC Future Enterprises Awards. PayMaya was recognized for its game-changing innovations that have led to accelerated digital payments adoption across consumers and enterprises at the height of the COVID-19 pandemic.
PayMaya was adjudged as the Best in Future of Digital Innovation for its PayMaya Negosyo app and Best in Future of Intelligence for its enhanced, AI-powered electronic Know Your Customer (e-KYC) process. The IDC Future Enterprise Awards is organized by global market intelligence provider International Data Corporation (IDC).
“We thank our peers for recognizing the work that we do at PayMaya. At the pandemic’s start last year, we wanted both Filipino consumers and businesses to embrace digital payments quickly. This is the reason why we have made available a free business-in-a-box solution for every MSME and improved our eKYC for faster account registrations,” said Shailesh Baidwan, PayMaya President.
Accelerating MSMEs digital pivot with PayMaya Negosyo
Launched in May 2020, PayMaya Negosyo allowed MSMEs to accept payments from anyone even without using an e-commerce platform. All they need to do is download the app, register, and once approved, they can start accepting digital payments in less than 24 hours.
With the app, MSMEs can earn additional income by offering bills payments, selling prepaid loads and gaming pins, processing domestic remittance, and cash in and cash-out services for PayMaya users in their communities.
The app has also transformed PayMaya’s nation-widest network of over 55,000 Smart Padala remittance agents to become the One-Stop Shop for everything digital financial services in last-mile communities.
Because of this innovation, PayMaya saw over 10-fold year-on-year growth in the number of unique small merchants onboarded in June 2021.
The Best in Future Digital Innovation award is given to enterprises that transformed from mere software consumers into full-blown, large-scale software innovators.
Scaling financial inclusion with cutting edge technology
To scale the provision of financial accounts for Filipinos, PayMaya also rolled out in June 2020 an AI technology-powered ID Validation Service, which automated face matching, ID classification, and ID Optical Character Recognition (ID OCR) during the eKYC process.
Anyone with a mobile phone and a valid ID can have their upgraded financial account through PayMaya in just a few minutes. PayMaya can now process 90% of upgrade applications in two minutes. This milestone enabled Filipinos to be financially included by starting a PayMaya account.
Total registered PayMaya users under its consumer platforms doubled in 18 months as of June 2021 to 38 million, or more than half of the adult population, in the Philippines.
The Best in Future of Intelligence Award is given to organizations that can rethink the way they synthesize information from raw data, learn from these insights, and leverage them at scale across the entire enterprise.
As a country winner, PayMaya will compete against other country winners in the same category in the regional-level Asia Pacific IDC Future Enterprises Awards on October 27 and 28 this year. Recently, PayMaya also won Best QR Code Payment Offering (Gold) for its dynamic and interoperable PayMaya QR at the 2021 Future Digital Awards for Fintech & Payments. It is the only Philippine company that earned an award this year, joining the ranks of MasterCard’s Finicity, PayTM Payments Bank, DBS, and Experian.
IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. Since 2016, the Future Enterprise Awards have recognized companies pushing the boundaries of innovations in their respective fields. This year, IDC received more than 1,000 nominations across countries, including the Philippines.
PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.
It provides more than 38 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 300,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 55,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. Through its enterprise business, it is the largest digital payments processor for key industries in the country, including “every day” merchants such as the largest retail, food, gas, and eCommerce merchants, as well as government agencies and units.
