PAYMAYA Philippines, Inc. is now allowing users of its mobile wallet to top up money using the mobile banking facility of the Bank of the Philippine Islands (BPI).
The digital financial services arm of PLDT, Inc. said in a statement Thursday it is tapping the Ayala-led bank as one of its channels for the Add Money function of its mobile platform.
“To encourage more Filipinos to utilize this channel for adding money to their accounts, PayMaya is making transfers via BPI free of charge until further notice. This is in support of the Bangko Sentral ng Pilipinas’ goal of transforming 20% of transactions in the country to digital by 2020,” it said.
The new partnership boosts PayMaya’s existing 40,000 channels that allow users to add money on the mobile wallet, which include local banks, payment kiosks, business centers, convenience centers and Smart Padala centers.
“With BPI having one of the country’s largest user base, more Filipinos will be able to gain access to the digital economy through this partnership,” PayMaya Director and Head of Wallets Business Kenneth Palacios said in the statement.
PayMaya is handled by PLDT’s digital arm Voyager Innovations, Inc., which is backed by China’s Tencent Holdings Ltd.; US-based Kohlberg Kravis Roberts & Co. (KKR); International Finance Corp. (IFC) and IFC Emerging Asia Fund.
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. — Denise A. Valdez