THE average number of cash transactions by consumers declined from 48 percent pre-Covid-19 to 37 percent post-Covid-19, according to the latest e-Conomy Southeast Asia 2020 report by Google, Temasek and Bain and Company.
The frequency of e-wallet transactions rose from an average of 18 percent pre-Covid-19 to 25 percent post-COvid-19, the study said.
Cashless transactions made by Filipinos through the digital wallet PayMaya consistently registered triple-digit growth rates throughout 2020, peaking sometime around May at the height of the enhanced community quarantine to register over 1,000 percent year-on-year growth compared with the same month in 2019.
In a statement, PayMaya said the top use cases among PayMaya users in 2020 were sending money to friends and family, paying bills and purchasing mobile prepaid load, all of which have formed part of their everyday financial transactions.
PayMaya ended 2020 with more than 28 million customers across its platforms who can conveniently pay, add money, cash out, or remit in over 200,000 touchpoints nationwide.
As the country’s only end-to-end digital payments platform provider, its platforms are used by consumers, businesses, communities and government agencies. On top of its popular PayMaya app and wallet, it also powers all kinds of enterprises for eCommerce and everyday transactions.
It has likewise expanded its Smart Padala network to over 33,000 agent touchpoints nationwide, allowing even those in the farthest reaches of the country to conduct transactions such as remittances, bills payments, mobile prepaid loading and even QR payments.
As a result of this inclusive ecosystem approach, total digital payment transactions processed by PayMaya has grown as more sectors of society adopt cashless payments, making it the default for transactions.
“No other fintech company has built this inclusive ecosystem of products, services and touchpoints that reach a vast majority of Filipinos nationwide. We have made it so easy for ordinary consumers to get a financial account and for merchants to accept a wide range of cashless payments, including PayMaya,” Shailesh Baidwan, PayMaya president, said.
“This radical shift to cashless for the Philippines will only continue accelerating in 2021 as we offer more services and forge more enterprise partnerships that are relevant for many consumers,” he added. (JOB with PR)