LOCAL businesses should invest in going cashless under the new normal to stay relevant in today’s growing e-commerce market.
According to Raymund Villanueva, head of business for QR ecosystems of Paymaya, the pandemic changed the way people conduct transactions which propelled merchants to tap digital payment platforms.
“Cashless payments and e-commerce play a major role in the better normal. Being connected allows you to push your business further,” he said during the Cebu Business Month webinar.
Villanueva said Paymaya was built to accept all types of payments. It specializes in cashless transactions.
“Fifty to 70 percent of cashless e-payment transactions pass through Paymaya. There are millions of Paymaya users,” he said.
By having a digital payment platform, businesses are assured to reach their consumers, especially with the limited mobility brought about by the pandemic.
“You need to be able to invest in the way you invested in physical locations. Sometimes people are scared of costs but these investments need to happen for you to be able to go digital,” he said.
Villanueva said it is critical for businesses to build their digital presence.
He encouraged entrepreneurs to have a presence in all marketplaces so they can scale up and build their own brand.
“Invest in the digital spaces like marketplaces which are aggregated sources of digital channels,” he said.
He also stressed the need for merchants to accept all kinds of payment to suit the consumers’ preference whether it be through send money platforms, bank transfers or e-wallets.
PayMaya is one of the end-to-end digital payments ecosystem enablers in the Philippines, with platforms and services that cut across consumers, merchants and government. / JOB