More Filipinos can now participate in the digital economy, according to a PayMaya Philippines executive during the launch of the company’s first lifestyle campaign that targets millennials.
PayMaya provides an online payment solution without a need for credit card. Just register with your mobile number and get an instant Visa Card.
Benjie Fernandez, Co-COO of PayMaya Philippines and COO of Voyager Innovations, says PayMaya is the only app that allows person-to-person payments transfer, has 15,000 top-up centers, and is currently the No. 1 finance app on the Google Play Store.
“Cash isn’t always king. E-cash has arrived,” says Fernandez during the launch of the #NowNation campaign. “Since [PayMaya] is a Visa card, many users can enjoy it. If you have a Beep card, you can use it on the train.”
The top transactions on PayMaya from May 1 to June 13, 2016 based on transaction count are: (1) Google, (2) PayPal, (3) iTunes, (4) Uber, (5) Spotify, (6) Valve, (7) Steamgames, (8) Facebook, (9) GrabTaxi, and (10) Lazada. Filipinos are also splurging on travel and lodging—services that were once exclusive to the banked and carded segments of the society.
Fernandez revealed that users will soon be able to use PayMaya to pay for utilities, highway toll fees, and paid television shows. He also revealed a soon-to-be-announced partnership with “the number one social media company.”
Consumers aren’t the only beneficiaries of PayMaya. According to Fernandez, PayMaya is now also being used by some companies to disburse employee salaries.
“Now more Filipinos can participate in the digital economy. It’s as easy as downloading the app and requirement is as simple as having a mobile number,” says Fernandez.
According to a World Bank study, only 10 million Filipino adults have bank accounts. Only 5 percent have a credit card.
The most commonly reported obstacles to owning bank accounts are: not having enough money (reported by 20 percent); lack of need for an account (18 percent); lack of trust (17 percent); distance (16 percent); lack of documents (10 percent); “the bank doesn’t treat people well” (9 percent); and high cost (9 percent).
“Almost all, 98 percent, of those who save but don’t have bank accounts earn less than PhP 50,000 a month,” said Nataliya Mylenko, World Bank senior financial sector specialist who supervised the survey. “This suggests that there are significant opportunities for expanding financial inclusion among low- and lower-income groups in the Philippines.”
Fernandez notes that the lack of a credit card disables potential travellers to book flights every time they spot a seat sale. With PayMaya, by simply downloading the app on Google Play or App Store, users get an instant virtual Visa card that they can use to book flights whenever, wherever they are.
The economic power of the millennials
In the next decade, the millennials will be the largest living generation in the Philippines—and their numbers and lifestyle will drive the country’s prosperity.
The economy is estimated to grow by 7% to 8% within the decade on the back of its young population. Right now, most Filipinos are young and able to work—a favorable demographic where an increase in the number of working adults with bigger purchasing power will mean greater domestic demand and higher economic growth.
The spending habit of the millennial generation bodes well for the Philippines where private consumption accounts for 70% of its gross domestic product (GDP) as per 2015 data from the Philippine Statistics Authority (PSA). Retail trade, for instance, grew by 7% from 2014 to 2015; it’s now a half-a-trillion business.
This growing consumption is driven in part by rising incomes of millennials. For instance, families whose family head is a millennial are earning more than counterparts in the last decade. In 2012, 2.4 million families with a family head aged 25 to 34 had a total of P447.9 billion in income. A decade earlier, 3.3 million families with a family head aged 25-34 earned P375.4 billion in total.
“We are thrilled to launch PayMaya’s #NowNation campaign to signify our commitment in empowering millennials to pursue their passions and the endless possibilities that come with being part of this generation,” said Paolo Azzola, Managing Director and co-COO of PayMaya Philippines. “Now is the time to travel and get out of your comfort zone, to find new places to eat with people you love, and to game up your style to express yourself and be who you truly are. This is what #NowNation is all about, and it is living in the moment with PayMaya that we can unlock a life brimming with experiences.”
Joining the #NowNation are PayMaya’s newest brand ambassadors who have persisted in what they love to do every day, in the here and now: Alyssa Valdez, the heart-strong Volleyball player we all love; Camille Co, a young fashion designer and style blogger; Seph Cham, an up-and-coming men’s fashion and lifestyle guru; Chichi Tullao, the food stylist behind the delectable Happy Tummy Travels; DJ Carlo Atendido, the first FIlipino to win the Red Bull Thre3style World DJ Championships in 2015; Jonas Roque, the popular travel with hugot blogger behind Wandering Weekend Warriors; finally, Team Mineski, the professional Philippine DoTA team who most recently represented the Philippines in the international Manila Majors DoTA tournament.