PayMaya Philippines aims for 1 million users by end of 2016

MANILA, Philippines – PayMaya Philippines Incorporated – the digital financial services unit of PLDT Incorporated and Smart Communications Incorporated – expects to close the year with at least a million users, after it partnered with a global leader in digital payments, PayPal Holdings Incorporated.

"Our growth has been staggering, so I hope 2017 will be even better. We want to take our user base for PayMaya to the 7-digit mark this year," Paolo Azzola, managing director and co-COO of PayMaya Philippines, said on the sidelines of a partnership launch in Makati City on Tuesday, November 22.

As of now, the PLDT unit has a user base of around 600,000.

PLDT chairman Manuel V. Pangilinan had said his group expects PayMaya to hit P200 billion worth of transactions for the entire 2016.

To help achieve this, PayMaya has partnered with PayPal to make it more convenient for users to withdraw their PayPal funds using PayMaya.

Through this deal, PayMaya will be able to add PayPal users to its traffic. PayPal said in its website that it has 179 million active users worldwide to date.

"The PayPal collaboration is among the growing initiatives being pushed by PayMaya Philippines to further grow the use of digital financial services in the Philippines," said PayMaya Philippines COO Benjie Fernandez.

More partnerships

The PayMaya COO added that his company will secure partnership deals "with 3 exciting global leaders" in the first quarter of 2017. (READ: 'Uncarded' commuters can now use PayMaya for Uber rides)

Early this year, Fernandez hinted that his firm is in talks with the Manila Electric Company, Metro Pacific Investments Corporation's toll road units, PLDT, and Cignal TV Incorporated – all businesses chaired by Pangilinan.

PayMaya will source volumes from its mobile wallet app, mobile payments business, and mobile money transfer service Smart Padala.

"Smart Padala handles about a 3rd of domestic remittances and will soon expand its business to foreign remittances," Pangilinan had said. – Rappler.com