Adoption of digital financial services is increasing rapidly as mobile and internet penetrate all corners of the nation. For most unbanked and underserved, the transition to digital is gaining a boost from the traditional and most fundamental retail presence on the ground–through sari-sari shops driven by PayMaya’s Smart Padala.
Kenneth Palacios, Director and Head of Wallets Business at PayMaya, For financial inclusion attempts to bear fruit, they should be able to reach individuals at the grassroots level, and that implies including those in the country’s far-flung fields. Because your favourite Smart Padala by PayMaya center is often also the closest sari-sari store in your house, we are willing to provide Filipinos with digital financial services whenever and wherever they need it.
With more than 27,000 partner agents nationwide, PayMaya’s Smart Padala is the only national network capable of reaching even the country’s farthest communities. This enables its agents to offer critical financial services to regions that are not traditionally reached by bank branches and other financial touchpoints, generally located in urban towns or municipal centers.
According to the Bangko Sentral ng Pilipinas (BSP) 2015 National Baseline Survey for Financial Inclusion, which includes the latest information available on time and money spent on accessing financial services, Filipinos generally travel 21 minutes and spend at least PhP43 on average to reach the closest traditional financial service access point in their region.
Because Smart Padala by PayMaya centers can penetrate even the innermost communities in many provinces, the financial inclusion potential of these hubs can not be understated.
Together with other facilities such as the PayMaya mobile app and e-wallet as well as the PayMaya Business suite of enterprise solutions, PayMaya’s Smart Padala promotes the BSP’s 20-20 2020 objective of raising complete electronic transactions to 20 percent as it prepares the nation to engage in the bigger worldwide digital economy.