MANILA, PHILIPPINES — Digital financial services leader PayMaya won the Best QR Code Payment Offering (Gold) 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.
Organized by Juniper Research, PayMaya was recognized for its role in driving QR payment adoption across consumers, MSMEs, and large companies in the Philippines through trailblazing platform innovations. The Future Digital Awards 2021 for Fintech & Payments recognizes “challengers and disruptors” who have made “outstanding contributions to their industry and are positioned to make a significant impact in the future.”
“We are very appreciative of this recognition. It is a tribute to the relentless efforts of our PayMaya team in building a world-class payment solution that is now embedded in everyday transactions of Filipinos. Our dual-approach of enabling both consumers and enterprises has made PayMaya QR a growth engine for digital payments adoption in the Philippines,” said Shailesh Baidwan, PayMaya President.
The PayMaya QR code, launched in 2017, has evolved from being a static, stand-alone payments acceptance solution to a dynamic and interoperable payment channel for PayMaya’s over 38 million registered consumer customers and hundreds of thousands of merchants.
For consumers, the PayMaya QR code now serves as a quick way to send and receive funds from either one PayMaya account to another or from one PayMaya account to another financial institution. In 2019, PayMaya became the first fintech to adopt QR Ph for consumer accounts, the national standard implemented by the Bangko Sentral ng Pilipinas.
Meanwhile, for enterprises ranging from small merchants like sari-sari stores to large corporates, the PayMaya QR has made it easier for them to accept digital payments through their website, social media page, physical stores, and other face-to-face fulfillment points such as deliveries.
Casual sellers and micro-, small-, and medium enterprises (MSMEs) can accept QR payments through the PayMaya consumer app and PayMaya Negosyo app–a business-in-a-box solution launched by the company in 2020 that also allows MSMEs to get their payment QR code in less than 24 hours.
On the other hand, large offline merchants like multi-branch brick-and-mortar chains can avail safer payments at their physical locations with the PayMaya One and PayMaya One LITE, the first-ever Android-based POS devices. These devices generate unique dynamic QR codes per transaction, providing customers with a quick and secure option for over-the-counter purchases.
PayMaya is also the first fintech to adopt QR Ph for merchant payments, providing a future-proof option for merchants. With PayMaya QR, businesses can have a more streamlined payments process, freeing them from the burden of managing multiple QR codes and doing multiple system integrations. In turn, customers can have the flexibility to either scan-to-pay using PayMaya or other bank and e-wallet apps.
In 2019, PayMaya and Smart Padala bagged the Best Virtual Card (Platinum) and Best Mobile Money Offering (Gold) from Juniper’s Future Digital Awards for Fintech and Payments.
Juniper Research is a leading global analyst house specializing in digital technology market research and trends, technology data, market sizing, and consulting. Since 2008, the Future Digital Awards have been awarded to tech companies at the forefront of their respective fields. This year’s award program covers the following innovation categories: banking, fintech, fraud and security, payments, and retail.
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.
