(Source: Business Mirror | April 24, 2018)
Digital financial-services provider PayMaya Philippines Inc. is now using InstaPay, a real-time electronic retail payments initiative of the Bangko Sentral ng Pilipinas (BSP), to give more options to its users when topping their accounts up.
With InstaPay, account holders can now transfer amounts of up to P50,000 from their bank accounts and receive them in real time to their PayMaya accounts. It will be available for account holders of these banks initially: Asia United Bank, BDO, China Bank, Chinabank Savings, Equicom Savings Bank, Security Bank and UnionBank.
“This is yet another milestone in our drive to help build a ‘cashless’ ecosystem throughout the entire country. With the help of InstaPay and our bank partners, we are bringing more ways for our account holders to add money to their accounts, which will help them take advantage of the growing digital economy here and around the world,” company president Orlando B. Vea said on Tuesday.
More bank and nonbank partners will be added in the coming months as they get accredited by the BSP to be part of InstaPay.
InstaPay is an initiative led by the BSP under the National Retail Payments System framework, whose goal is to boost the amount and share of digital transactions in the country to 20 percent by 2020 from 1 percent at present.
PayMaya is one of the first two electronic-money issuers in the country able to receive money transfers from the sending banks, allowing for a seamless and more convenient money transfer electronically to PayMaya accounts nationwide.
Aside from InstaPay, PayMaya account holders may now also add money to their accounts via the online bills payment facilities of Unionbank, RCBC and BDO, among others.
This is on top of the more than 15,000 Add Money touchpoints already available to PayMaya users nationwide, including 7-Eleven branches, SM Business Centers, Robinsons Business Centers inside department stores, Touchpay Kiosks, UnionBank ATMs, Shopwise, Wellcome, 2Go, ExpressPay, Cebuana Lhuillier, Palawan Pawnshop branches and Smart Padala centers.
PayMaya is a digital wallet that allows users to pay for online and physical transactions. It can also be used to pay for bills. The application also has a native loading service that allows users to purchase load credits for their mobile phones at discounted prices.
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