Plastic Bank tapped digital financial services leader PayMaya to build more sustainable communities in the Philippines with cashless technology.
Through Plastic Bank’s recycling ecosystem program, residents of partner communities can exchange plastic waste for rewards that they will receive through their PayMaya accounts. They can then use the incentives they receive in their PayMaya wallet for everyday transactions such as sending money, buying prepaid reloadable cards, paying bills, scanning to pay purchases via QR, and online purchases, among others.
The cashless project will initially be implemented at select Plastic Bank partner communities including Payatas in Quezon City, Barangay 105 in Manila, and Barangay San Felipe and Barangay Cararayan in Naga City.
“As we provide a viable solution to the plastic waste problems in the Philippines, this initiative with PayMaya strengthens our recycling infrastructure for the benefit of our community collectors. PayMaya allows us to disburse plastic tokens in a safer and more convenient way. At the same time, we are empowering our partner communities with digital financial services,” said Gidget Velez, Global Director for Country Development at Plastic Bank.
Since expansion to the Philippines in 2017, Plastic Bank has been able to establish and grow over 60 collection branches in 8 major cities of Metro Manila. Plastic Bank utilizes a proprietary blockchain platform that secures the entire ecosystem transactions and provides real-time data visualization – allowing for transparency, traceability, and rapid scalability for its collectors and partners.
“We are excited to help build these cashless ecosystems with Plastic Bank. This sustainable initiative will definitely help foster financial inclusion, create more economic opportunities, and increase environmental awareness in these communities,” said Shailesh Baidwan, President at PayMaya.
To further strengthen its mission towards providing livelihood opportunities, Plastic Bank is also enabling sari-sari stores in partner communities with the PayMaya Negosyo app to provide safer contactless transactions through QR payment technology.
Sari-sari store owners can also utilize the PayMaya Negosyo app to augment their income through its other features such as accepting bills payments, selling mobile prepaid reloadable cards, processing remittances, among others.
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 “everyday” merchants such as the largest retail, food, gas, and eCommerce merchants as well as government agencies and units.
Through its app and wallet, PayMaya provides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out or remit through its over 200,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 33,000 partner agent touchpoints nationwide serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya’s products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.