UK-based Emerging Payments Association has recognized PayMaya, the digital financial services unit of Voyager Innovations, as the world’s best online payments solution for enabling instant access to the digital economy during the 9th Annual Emerging Payments ceremonies held in London on October 13.
PayMaya bested other finalists in the Best Online Payments Solution category such as Easypay by Easypaisa Pakistan (eNett International Redefining Payments in the Travel industry), paysafecard (Online cash for the Internet — Austria), and Splitit (Interest-Free Monthly Purchases on Customers’ Existing Credit Cards — USA).
With this win, PayMaya Philippines joins this year’s roster of global innovators in the payment and financial technology space, which include Vodafone, Saxo Payments and Wirecard.
“This recognition is for the #NowNation – our mostly millennial PayMaya users – who have readily adopted this payments technology, as well as our local and global partners,” Orlando Vea, president and chief executive officer of PayMaya Philippines, said in a statement.
“We are truly inspired and more committed to making payments and financial technology more accessible and available in the Philippines and other emerging markets,” Vea added.
“At the first instance, we are solving the digital payments challenge with PayMaya – a card for the uncarded. But beyond that, we are also addressing the pain points of convenience, affordability, and security. It’s all about enjoying the benefits of the digital life,” he added.
Tony Craddock, chairman of Emerging Payments Awards, noted that payments is one of the most dynamic and exciting industries in the world today.
“We have worked extremely hard over the last 12 months to ensure that each of our awards reflect what is actually happening on the ground with new emerging and alternative payments and I’d like to congratulate all of the nominees and winners on their success this year,” Craddock said.
Launched commercially in September 2015, PayMaya is a free and secure app that allows everyone to pay and shop online. Users can download it from Google Play Store or App Store and register with any Philippine mobile number. After registration, an instant virtual Visa prepaid card with a unique 16-digit card number is generated. Once activated, it can be used to shop online, anywhere Visa is accepted.
Since it is prepaid, users can load it up at any of the over 15,000 touchpoints nationwide which include SM Malls Business Centers, Robinsons Department Stores, UnionBank ATMs, 7-Eleven stores with Cliqq Kiosks, TouchPay Kiosks, and Smart Padala Centers, on top of online banking via BDO.
PayMaya consumers can also get a physical card that can be used in millions of establishments worldwide that accept Visa. PayMaya users can upgrade their account to withdraw money through any Bancnet ATM and facilitate money transfer to other PayMaya users.
PayMaya also has key partnerships with Bayad Center, Uber, and a collaboration with PayPal.
The app is a product of PayMaya Philippines, the digital financial services arm of PLDT and Smart Communications. The company’s products and platforms are regulated by the Bangko Sentral ng Pilipinas to ensure all user transactions are secure.
Aside from being the first non-financial institution in Asia to be granted by Visa with an issuing and acquiring license, PayMaya Philippines also counts MasterCard as its partner, giving it the unique opportunity to offer both Visa and MasterCard products.