PayMaya has launched a brand-new app called the PayMaya Negosyo app that aims to provide merchants a way to easily and conveniently accept payments digitally either through PayMaya QR, the PayMaya Send Money feature, or bank transfer via InstaPay. With the current crisis many MSMEs (micro, small, and medium-sized enterprises) have transitioned to online transactions to do business and the new PayMaya Negyosyo app aims to make that process easier.
Merchants who are interested in using the new app need only download and sign up through the app where they’ll need to submit their mobile number, upload one valid government ID, and a video selfie for the “liveliness check.” After signing up, merchants will need to wait 24 to 48 hours for their application to be reviewed, verified, and approved before they can start accepting digital payments.
“As more consumers begin to prefer shopping online and paying using contactless methods, PayMaya Negosyo will give our MSMEs the easiest and fastest way to accept digital payments from across a variety of sources–all they need now is their smartphone and a valid ID,” said Shailesh Baidwan, President of PayMaya.
Once merchants have begun to receive payments through the PayMaya Negosyo app, they can then transfer the amount to their respective bank accounts via InstaPay. Negosyo app users will also have a monthly account limit of up to PHP 250,000, which is significantly larger compared to the PHP 100,000 limit of consumer accounts.