Paynamics launches e-payments service for online sellers, SMEs
Paynamics Technologies Inc. on Tuesday launched an electronic payments facility to cater to online sellers and small and medium enterprises (SMEs).
In a virtual briefing, Paynamics launched Paynamics Biz, a secure e-money account facility that helps make payment collections simple and efficient.
Paynamics Biz offers two types of digital payment services depending on the SMEs’ needs such as Pay via Link, which targets merchants that sell through digital channels such as Facebook, Instagram, or freelancers, consultants, or professionals who need to collect payments through email or messaging platforms; and All-in-One QR Code for merchants with physical stores such as restaurant owners, food stalls, courier services, taxi franchisers, charity organizations, event organizers, and accommodations, among others.
“While most big banks in the country hold e-money licenses and more fintech firms are entering the space, Paynamics is confident it can emerge as a significant player, particularly in providing e-payment solutions for SMEs. Most e-wallets cater to consumers,” said Paynamics chairman and founder Ronald Magleo.
“With Paynamics Biz, we are targeting to register over 100,000 merchants over the next three years. During this period, we aim to have more than 60% actively using our e-payment services,” Magleo said.
Paynamics became a Certified Operator of Payments Systems last February and obtained an e-money license from the Bangko Sentral ng Pilipinas (BSP) in June 2020, enabling the company to engage in the e-money business as a non-bank institution.
Being a licensed e-money issuer means Paynamics has met the BSP’s minimum capital requirement of P100 million to maintain the business.
Aside from the e-money license, Paynamics also holds a BSP license as a remittance agent for its mass payout product.
The fintech company expects to generate 100,000 transactions per day by 2021 and by eight times bigger by 2025.
“We designed Paynamics Biz to solve the collection and disbursement pain points of SMEs, especially during this unprecedented global pandemic that has rendered them cash-strapped and hanging by the thread,” Mylene Magleo, Paynamics president and chief executive officer, said.
The company also expressed its full support behind the BSP’s advocacy for more Filipinos to use technology to spur wider access to financial services while also bringing down transaction costs, in a bid to broaden financial inclusion. —KG, GMA News