In order to create more sustainable communities in the Philippines with cashless technology, the global social enterprise Plastic Bank has tapped digital financial services pioneer PayMaya.
Residents of partner communities can trade plastic waste for incentives they will receive through their PayMaya accounts through the recycling ecosystem program of Plastic Bank. For regular transactions such as sending cash, purchasing prepaid reloadable cards, paying bills, scanning to pay purchases through QR, and online purchases, among others, they can then use the rewards they earn in their PayMaya wallet.
The cashless project will initially be implemented at select Plastic Bank partner communities including Payatas in Quezon City, Barangay 105 in Manila, and Barangay San Felipe and Barangay Cararayan in Naga City.
“As we provide a viable solution to the plastic waste problems in the Philippines, this initiative with PayMaya strengthens our recycling infrastructure for the benefit of our community collectors. PayMaya allows us to disburse plastic tokens in a safer and more convenient way. At the same time, we are empowering our partner communities with digital financial services,” said Gidget Velez, Global Director for Country Development at Plastic Bank.
Plastic Bank has been able to develop and expand over 60 collection branches in 8 major cities of Metro Manila since its expansion to the Philippines in 2017. Plastic Bank uses a proprietary blockchain network that secures the entire transactions of the ecosystem and offers data visualization in real-time, enabling its collectors and partners to be transparent, traceable, and easily scalable.
“We are excited to help build these cashless ecosystems with Plastic Bank. This sustainable initiative will definitely help foster financial inclusion, create more economic opportunities, and increase environmental awareness in these communities,” said Shailesh Baidwan, President at PayMaya.
Plastic Bank is also enabling sari-sari stores in partner communities with the PayMaya Negosyo app to provide safer contactless transactions through QR payment technology in order to further improve its mission to provide livelihood possibilities.
The PayMaya Negosyo app can also be used by Sari-sari store owners to increase their revenue through its other features, such as accepting bill payments, selling mobile reloadable prepaid cards, handling remittances, among others.
In the Philippines, PayMaya is the only end-to-end ecosystem enabler for digital payments with platforms and services that cut through customers, retailers, communities and government. It is the largest digital payment processor for key industries in the country through its enterprise sector, including ‘everyday’ merchants, such as the largest retail, food, gas, and eCommerce merchants, as well as government agencies and units.
PayMaya provides access to financial services to over 28 million Filipinos through its app and wallet. Through its over 200,000 digital touchpoints nationwide, clients can easily pay, add cash, cash out or remit. With over 33,000 partner agent touchpoints nationwide, its Smart Padala by PayMaya network serves as the last mile of neighborhood digital financial hubs, offering access to digital services to the unbanked and underserved.