MERCHANT PAYMENTS solutions provider PayMongo Philippines, Inc. is looking to double its transaction volume this year from the 2022 level, an official said.
The increase in transactions will be driven by the travel, food and beverage, and events sectors, PayMongo Philippines Head of Operations Jaime Amiel “Miel” Pahati told BusinessWorld on Wednesday, but did not give details about their 2022 performance.
“Actually, we’re seeing growth in terms of online payments. It’s a good indication that Filipinos in general have adapted already in terms of using digital accounts, and in terms of buying online,” PayMongo Payments, Inc. President Laurice Rachelle A. Lupisan told reporters at the same event.
PayMongo Payments is a subsidiary of PayMongo Philippines and was granted an electronic money issuer license by the Bangko Sentral ng Pilipinas (BSP) in 2022.
There is demand from consumers who are looking for new merchants online to transact with, she said.
Since its launch in 2019, PayMongo has seen exponential growth in terms of merchant partners and transactions, even after the lifting of mobility restrictions imposed due to the coronavirus pandemic, Mr. Pahati said.
To date, PayMongo’s partner merchants stood at 15,000, which Ms. Lupisan said they expect to continue growing.
Mr. Pahati added that the BSP’s advocacy of pushing digital payments adoption will boost financial technology companies and contribute to the industry’s growth.
Meanwhile, PayMongo is also looking to offer loan products to its merchants in the future through partnerships with banks, he said.
Besides its existing partnerships with Bank of the Philippine Islands, and Union Bank of the Philippines, Inc., PayMongo is also looking to partner with BDO Unibank, Inc., Mr. Pahati said.
It is pushing back its plan to raise capital for this year as it has secured $31 million or around P1.6 billion in Series B funding last year, Ms. Lupisan said. It will also delay its regional expansion plans for now.
“There is always an opportunity outside of the Philippines. But I think for the Philippines alone, there’s a lot of effort already, so that’s our focus. Being a Filipino-owned company, our priority is to serve the merchant base,” Ms. Lupisan said. — A.M.C. Sy