STARTUP payment solutions provider Paynamics Technologies Inc. is targeting to accommodate 20,000 merchants next year after becoming the first Filipino financial technology firm to secure a global information security certification.
Mylene Chua-Magleo, Paynamics co-founder and chief executive officer, said the company is aggressively expanding operations in all sectors in a bid to cash in on the growing digital economy.
“Our biggest competition is cash. We are still very much a cash economy. We want to help the country be transformed into a digital economy,” Magleo told reporters.
According to Bangko Sentral ng Pilipinas (BSP) data, there are about 2.5 billion daily transactions in the Philippines worth $74 billion, but only 1 percent of these are processed electronically and 99 percent are in cash and checks.
“Paynamics’ vision is to transform the Philippine economy to one that is digitally driven,” Magleo said, adding they aim to capture at least 20 percent of business transactions within the next five years.
“We are hoping that within that period all digital payment services will be using our platform, both disbursements and collection,” she said.
At present, the company has 400 merchants using its platform, but Magleo said that by next year, “we hope to accommodate at least 19,600 more merchants.” Paynamics plans to expand operations abroad within the next five years, she added.
Founded in 2010, Paynamics developed the Internet Payment Gateway System called Paygate, a one-stop shop payment gateway solution connected to multiple financial institutions and service providers. Paygate offers customers, including 20 global banks and service providers, multiple payment options in a single interface.
Paygate is used by close to 400 merchants including Air Asia, Planet Sports, Sunnies, Silicon Valley, Eurotel, STI, La Salle and AMA.
Ronald Magleo, Paynamics founder, said they want to capture more merchants with the rollout of their new product PayExpress, which will be launched by the first quarter of 2017. PayExpress is an online payment service specifically developed to support micro, small and medium enterprises.
Data from the Department of Trade and Industry (DTI) show there are now 55,000 merchants in the country. Paynamics believes it can “easily” tap these merchants and is now working with the DTI to promote entrepreneurship as well as e-commerce.
Paynamics is the first Filipino company with the Payment Card Industry Data Security Standard (PCI-DSS) Compliance Certificate level 1 version 3.2.
Deepak Umapathy, auditor at global information security consulting company Crossbow Labs, said the certification makes Paynamics more attractive not only to clients but also to potential investors.
Magleo said a level 1 PCI-DSS accreditation would pave the way for Paynamics’ expansion plans abroad, particularly in Taipei, Indonesia and other Southeast Asian countries.