In a virtual press briefing on Tuesday, company officials unveiled Paynamics Biz, an e-money wallet and digital payment acceptance facility aimed at merchants that sell through digital channels such as Facebook and Instagram; people who need to collect payments through email or messaging platforms; and merchants with physical stores that need an all-in-one QR code.
“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,” said Paynamics chairman and co-founder Ronald Magleo.
Currently, the local fintech firm supports over 800 merchants or businesses in digital payments, whether pay-in or pay-out, said Paynamics president and chief executive Mylene Magleo.
Coming soon will be a “Pay by POS” service wherein merchants will be issued a point-of-sale (POS) device that will allow them to accept debit and credit payments, the CEO added.
Paynamics does not impose a set-up fee, but it charges customers 2.5% of the gross transaction amount per successful transaction, she said.
“Similar to our model is PayPal,” said Ronald. “They are very international. Typically they will charge, depending on the region, locally 3.9 to 4.4% of the transaction value. I think here we are really competitive in terms of our offering and in terms of the level of service that we do offer.”
Backed by its strategic partners – Beenos Inc., a publicly-listed Japanese e-commerce operator, and Expresspay Inc, a fintech aggregator – 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 this year.
Established in 2010, Paynamics also holds a BSP license as a remittance agent for its mass payout product.
Esther Magleo, Paynamics chief finance officer and co-founder, said the firm has an authorized capital of P200 million, of which P100 million is fully capitalized.
It also plans to raise about $12.5 million. “We can give a 5-year projection of sustainability for the third, fourth, and fifth year. For those interested to invest, contact us,” she said.
Ronald said a lot of investment will go into product development and market acquisitions in line with its B2B-centric business model.