Financial inclusion among micro, small and medium entrepreneurs is driving fintech startup Paymongo Philippines Inc. to aggressively onboard more merchants to its network.
“Merchants need not negotiate with payment channels individually or separately. We do that for them. It’s less hassle for them and we, as a payment gateway, allow them to focus on more important aspects of the business. We expand their customer base,” Malolos said.
PayMongo allows merchants to cast a bigger net to capture more consumers by linking them not only to GCash and Maya but also to other payment options like credit card, direct bank payment and to buy now, pay later providers, among others. With an ecosystem of players that supports the industry—payment facilitators, savings and commercial banks, digital banks, BNPL—the industry is capable of driving the growth as projected by the BSP, and maybe even surpass the target.