PayMaya now enables fund transfer to banks

MANILA, Philippines — PayMaya continues to provide more ways of bringing convenience to its users by enabling them to transfer funds to more than 40 banks and financial institutions instantly through a new feature.

PayMaya Philippines Inc., the digital financial services arm of PLDT’s Voyager Innovations, is introducing a new send money to bank feature which provides a better way for PayMaya users to manage money between accounts.

It is seen helping account holders save time and effort whenever they need to send money to another person’s bank account by not going through the hassles of falling in line at the bank.

PayMaya said the new feature is also in accordance with the efforts of the Bangko Sentral ng Pilipinas to increase the percentage of digital transactions in the country to 20 percent by next year under the National Retail Payment System.

“This new feature will definitely make it easier for PayMaya account holders to manage their money conveniently. Whether they’re sending money to an online seller or transferring money from one of their bank accounts to another, everything is instant and seamless with PayMaya’s new send money to bank feature,” PayMaya president Shailesh Baidwan said.

“It’s really easy to send money to bank via PayMaya. It’s so simple, and your recipient will get the money in an instant, and as of now PayMaya is not charging any transaction fees for the service until further notice,” he said.

PayMaya is the only financial technology company in the country offering integrated consumer and merchant payment solutions with the widest on-ground branch network.

It is the first to give millions of Filipinos an e-wallet that allows them to pay cashless transactions at any time of the day, anywhere in the world, and from any device.

As the fintech arm of Voyager Innovations, the company is backed by telco giant PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund.

Currently, PayMaya is processing over P200 billion worth of transactions annually, and expects to expand the amount by five times to P1 trillion by 2023.

PayMaya is expected to have 80,000 merchant partners by year end.