Paynamics eyes 100K merchants by 2023

Financial technology (fintech) company Paynamics Technologies Inc. targets to register more than 100,000 merchants by 2023 in its electronic payments (e-payments) facility for small businesses.

During the launch of the Paynamics Biz facility on Tuesday, Mylene Chua-Magleo, Paynamics chief executive officer and co-founder, said that “by 2021, we project that we would be able to process about 100,000 e-payment transactions [a] day. By 2023, [we] would be able to on-board over 100,000 registered merchants, of which over 60 percent will be active…e-payment users,” she said.

Paynamics also expects to generate 800,000 transactions a day by 2025, according to her.

“We designed Paynamics Biz to solve the collection and disbursement pain points of SMEs (small and medium enterprises), especially during this unprecedented pandemic that has rendered them cash-strapped and hanging by the thread,” Chua-Magleo said, referring to the coronavirus disease 2019 crisis, which has disrupted economic activities and even shuttered a number of businesses.

Paynamics Biz is a secure e-money account facility that helps make payment collections simple and efficient for online sellers and other small businesses.

Unlike a general-purpose consumer wallet, the facility is a full-featured small business wallet. Through it, merchants can accept payments from various online and offline methods.

Paynamics Biz currently offers two types of digital-payment services, depending on the SMEs’ needs: Pay via Link, which targets merchants that sell through digital channels, such as Facebook or Instagram, as well as 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 or offices, including restaurant owners, food stalls, courier services, taxi franchisers, charity organizations, event organizers and accommodations.

While most big banks hold e-money licenses and more fintech firms are entering this space, Paynamics is confident it can become a significant player in providing e-payment solutions for SMEs.

“Most e-wallets cater to consumers,” Paynamics Chairman and founder Ronald Magleo said.

Source: TheManila Times