Digital financial services provider PayMaya won two major awards at the first-ever IDC Future Enterprises Awards in the Philippines. PayMaya has been recognized for its innovations that have led to accelerated adoption of digital payments by consumers and businesses at the height of the COVID-19 pandemic.
PayMaya was named Best in Future of Digital Innovation for its PayMaya Negosyo app and Best in Future of Intelligence for its enhanced electronic Know Your Customer (e-KYC) process powered by artificial intelligence. The IDC Future Enterprise Awards are hosted by global market intelligence provider International Data Corp. (IDC).
The Best in Future Digital Innovation Award is given to companies that have grown from simple software consumers to full-fledged, large-scale software innovators.
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âWe thank our peers for recognizing the work we do at PayMaya,â said Shailesh Baidwan, President of PayMaya. âAt the start of the pandemic last year, we wanted Filipino consumers and businesses to quickly embrace digital payments. That’s why we’ve made a free business-in-a-box solution available for every MSME and enhanced our eKYC for faster account registrations.
Launched in May 2020, PayMaya Negosyo has enabled MSMEs to accept payments from anyone, even without using an ecommerce platform. All they have 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 bill payments, selling prepaid charges and game pins, processing domestic remittances, and cash-out and cash-out services for users of PayMaya in their communities.
The app has also transformed PayMaya’s largest nationwide network of over 55,000 Smart Padala money transfer agents to become the one stop shop for all digital financial services in last mile communities.
Due to this innovation, PayMaya saw the number of integrated small unique merchants in June 2021 increase by more than 10 times year on year.