Fintech touts honors for QR code pay tack


FINANCIAL technology (fintech) services provider PayMaya Philippines Inc. announced it was recently recognized as having the “Best QR Code Payment Offering” (Gold) at the 2021 Future Digital Awards organized by United Kingdom-based Juniper Research Ltd.

PayMaya President Shailesh Baidwan said the award is special because it is the only Philippine company that earned an award this year.

Baidwan said PayMaya was feted for its role in driving QR (quick response) payment adoption across consumers, micro, small and medium enterprises (MSMEs) and large companies in the Philippines. The awards recognize “challengers and disruptors” who have made “outstanding contributions to their industry and are positioned to make a significant impact in the future.”

“Our dual-approach of enabling both consumers and enterprises has made PayMaya QR a growth engine for digital payments adoption in the Philippines,” Baidwan was quoted in a statement as saying.

The company claims its registered customers are now more than 38 million.

In 2019, PayMaya adopted the QR Ph for consumer accounts, the national standard implemented by the Bangko Sentral ng Pilipinas. In January this year, PayMaya began expanding its digital financial services offerings with “sachet” loans for MSMEs through its lending arm, PayMaya Lending Corp., and health and device protection products with insurance partners.

Last June, its parent company Voyager Innovations Inc. announced it would use a $167-million funding raised from PLDT Inc., Kohlberg Kravis Roberts & Co. L.P., Tencent Holdings Ltd. and a subsidiary of an International Finance Corp. division, “to expand its PayMaya services and to continue enabling more unbanked and underserved individuals and MSMEs with new and inclusive products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank.”

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