The integration of the Paymentology service proposition will enable Paynamics to achieve its objective of more than 100,000 merchant users by 2023, building daily transaction volumes to 800,000 by 2025.
The rapidly growing economy, expanding middle class and the rapid adoption of mobile devices and internet usage have accelerated financial digitisation in the region, a trend that the Covid pandemic has fuelled.
Backed by the supportive regulatory environment in the Philippines and the market testing approach of the Bangko Sentral ng Pilipinas towards encouraging digital payments initiatives, Paynamics has become the leading payments provider for the region’s SME community.
The Paymentology technologies will enable Paynamics to facilitate transaction management securely with data delivered at point-of-spend to help open up access to finance to a previously unbanked population.
Chief Executive Officer and Co-Founder of Paynamics, Mylene Chua-Magleo welcomed the partnership. “Paymentology’s technology will enable us to further build our Payment Gateway, Mass Payout and PAYBIZ services, with the objective to attract 100,000 merchant users in the coming two years.”
Shane O’Hara, Chief Executive of Paymentology added, “Our relationship with Paynamics is an important step for us in embedding the Paymentology brand in Asia. This follows the establishing of our regional office in Singapore last year. The Philippines is experiencing a rapid digital transformation with the broad scale adoption of e payments, and we are pleased to be playing our part both in this transformation, and in bringing market leading financial technologies to the Philippines financial sector.”