PayMaya Philippines Inc. launched a new mobile payment innovation that allows micro, small and medium-sized enterprises (MSMEs) to easily and quickly accept QR and online payments.
The PayMaya Negosyo app is available for Android devices. Interested merchants only need to sign up through the app using their mobile number, upload one valid government ID as well as a video selfie for liveliness check, and wait 24 to 48 hours for their application to be reviewed and approved so they can start accepting digital payments right away.
“As more consumers begin to prefer shopping online and paying using contactless methods, PayMaya Negosyo will give our MSMEs the easiest and fastest way to accept digital payments from across a variety of sources–all they need now is their smartphone and a valid ID,” said Shailesh Baidwan, president of PayMaya.
Once the payments are received in the merchant’s PayMaya Negosyo wallet, they can then transfer these amounts to their respective bank accounts also via InstaPay.
Negosyo app users have a monthly limit of up to P250,000, more than double PayMaya’s consumer accounts which have an account limit of P100,000 for upgraded users.
Aside from providing the payments acceptance for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya is enabling national and social services agencies as well as local government units with digital payments and disbursement services.
Through its PayMaya app and wallet, it is providing millions of Filipinos with the fastest way to own a financial account with over 40,000 add money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined.
Its Smart Padala by PayMaya network of over 30,000 partner agents nationwide serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services.