THE transformational impact of the coronavirus pandemic on how Filipinos access financial products and services has increased demand for financial technology (fintech) skills, digital payments firm PayMaya Philippines, Inc. said.
“We actually compete for talent with global companies, not just with those based in the Philippines,” PayMaya Philippines President Shailesh Baidwa told BusinessWorld in a recent e-mail interview.
“Jobs in fintech are in high demand because of the massive growth of the digital payments space worldwide,” he noted.
There has been a widespread adoption of digital and cashless payments among consumers, merchants, and even government services due to the public health crisis.
Cashless payments reached a tipping point in 2020, where over 50% of online shopping transactions in the country are now paid via cashless means, Mr. Baidwa said.
More products and services will be made available on PayMaya’s platforms, he said when asked about the company’s plans for 2021.
“With the planned rollout of the national QR standard this year, they can also expect PayMaya to help them get up to speed and be able to accept QR payments from a variety of sources once it’s been made available,” he added.
The company also targets to support firms for their marketing promotions and payroll disbursements through its cashless solutions.
The company now sees signs of recovery in some previously affected sectors.
“By building an online presence and adopting digital technologies to enhance customer experience, more businesses can follow suit. Meanwhile, some areas have seen a big boost such as retail and e-commerce,” Mr. Baidwa said.
The Department of Trade and Industry is hoping to increase e-commerce enterprises from a base of 500,000 to 1 million by 2022.
PayMaya has said it expects the value of transactions on its platform to reach P1 trillion by 2023.
PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.
Voyager’s portfolio, aside from the PayMaya e-wallet and app for consumers, includes PayMaya Enterprise for end-to-end merchant-acquiring solutions and Smart Padala, which has over 37,000 partner agent touchpoints nationwide.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin