Business owners should adopt\u00a0digital payment systems\u00a0to accelerate their digital transformation and tap a wider market, a\u00a0PayMaya\u00a0executive said.<\/p>\n
\u201cBusinesses\u2014big or small\u2014can easily start their digital transformation by installing a digital payment system that will allow it to tap and connect to a larger audience and work seamlessly with other companies and the public sector,\u201d said\u00a0PayMaya\u00a0President Shailesh\u00a0Baidwan.<\/p>\n
\u201cTechnology is driving consumers to purchase through different channels.\u00a0We are in a time where there is an accelerated real-time expectation from consumers that businesses have to meet. On the other hand, there is an increasing desire for companies to improve efficiencies, reduce operational risks, and respond to innovation. All these can be addressed by digital payments,\u201d\u00a0Baidwan\u00a0added.<\/p>\n
A report by Ernst & Young Global Ltd. titled: \u201cRedesigning for the Digital Economy: A Study of SMEs in Southeast Asia,\u201d which covers 368 SME respondents from the ASEAN region,\u00a0states that businesses worldwide are adopting digital technologies to raise the bar for customer service, take advantage of different partnerships it can form within its ecosystem, reduce operating cost, and stay ahead of the game or at the very least, keep pace with competitors.<\/p>\n
Electronic payments are gaining traction\u00a0because of the convenience, speed to complete a transaction, and\u00a0safety\u00a0they offer. The penetration of credit card population is now at 9%, debit card ownership is at 37%, and e-money account* ownership is at 31%.<\/p>\n
PayMaya\u00a0Business has equipped enterprises of all sizes–\u00a0from street vendors\u00a0to\u00a0Top 1,000 corporations–and government agencies\u00a0to receive all types of payments — be it credit, debit, prepaid, or virtual cards — anytime, anywhere, and from any device. Its\u00a0\u201cone payment platform\u201d\u00a0takes care of payment processing to merchant acquiring, and from fraud and chargeback management to merchant settlement and support.<\/p>\n