PayMaya and the Development Bank of the Philippines (DBP) are transforming the countryside with digital payments through an expanded partnership. With this initiative, the Development Bank of the Philippines will now be able to provide PayMaya’s end-to-end digital payment solutions to its partners in the public sector such as national government agencies, local government units (LGUs), water districts, electric cooperatives, as well agricultural and industrial enterprises, including small and medium-scale businesses.
PayMaya, DBP lead in transforming the countryside with digital payments
PayMaya, through DBP, will be enabling these institutions and enterprises with the means to accept any credit, debit, and prepaid card or e-Wallet for both online and physical locations. With this initiative, more Filipinos across the country can experience safer and more convenient transactions when settling their dues and taxes at their LGUs, local utilities, and businesses.
”We are pleased to have PayMaya as our trusted partner as we drive the digital transformation of priority development sectors, especially in the countryside,” said DBP President and Chief Executive Officer Emmanuel G. Herbosa. “We are looking forward to enabling more public sector and industry partners with PayMaya’s platforms as we continue to push for inclusive growth for all Filipinos.”
”Digital has become the preference for citizens, businesses, and the public sector. With this initiative with DBP, government institutions and industries in the countryside can reap the benefits of safer and more convenient transactions through cashless payments,” said Orlando B. Vea, Founder, and CEO of PayMaya Philippines.
“To truly fuel financial inclusion in the Philippines, we must enable our kababayans, especially those in the provinces, with innovative technologies that will help them adapt to the ongoing shift to digital payments. This initiative with PayMaya will help our partner institutions and enterprises and, in turn, accelerate economic growth,” said Owen Maramag, Senior Vice President and Head of Marketing of the Development Bank of the Philippines.
Before this expanded partnership, PayMaya, through DBP, has worked together to power the digital payments for the Department of Foreign Affairs (DFA), Tourism Infrastructure and Enterprise Zone Authority (TIEZA), as well as the local government units of Pasig City, Valenzuela City, Naga City, and Zamboanga City.
DBP is the country’s pre-eminent development financial institution and the sixth-largest bank in terms of assets. It provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.
PayMaya is leading the charge in enabling enterprises and government institutions with cashless payment solutions. To date, the leading digital payments provider empowers over 60 government agencies and units at both national and local levels to accept digital payments for taxes and fees, and distribute financial aid to citizens anytime, anywhere.
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. 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.
PayMaya provides more than 35 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out or remit through its over 250,000 digital touchpoints nationwide. The Smart Padala by PayMaya network of 39,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services.