PAYing forward

Vea merged these opportunities and created a company that exploits these openings, and thus Voyager Innovations

People take it for granted that information could be had with just a flick of the finger at any time of the day. But there was a time when people use mechanical and analogue technology to gather useful knowledge.

It used to be that people pound on typewriters. These days we process messages with digital computers, send and take calls with handheld smartphones and make fun of the old ways of communication using snail mail.

Life before the digital evolution was vanilla plain humdrum.

But the changes brought by binary bits of time allowed the digital revolution to happen.

And the way people do things changed as well.

Here in the Philippines, the same changes happened. Although comparatively late compared with others, Filipinos made sure each technological evolution was adopted and used to the fullest.

Filipinos saw the birth of high-tech mobile phones, handy laptops, amusing gaming consoles and high-performance DSLRs. All these have changed the way Filipinos do, see and treat things.

But one company took advantage of this evolution and helped the unbanked Filipino manage his finances.

Under the banner of Purpose, Innovation and Execution, the digital firm returned the favor to a readily adoptive nation by creating a financial solution that benefits the Filipino.

Originally one of the founders of Smart Communications in 1991, Orlando Vea — or Doy to those closest to him — structured a business that will execute his vision of the Philippines and its people, Voyager Innovations.

Voyager Innovations is more than its Silicon Valley-ish workplace environment. It is more than the grins on the faces of its employees.

Voyager is more than the words written in its articles of incorporation.

The innovation-driven firm embarked on a voyage to serve its ultimate market — the Filipinos.

PayMaya Philippines, a pioneer in digital wallet business, serves as the company’s banner. According to Vea, the ultimate goal is to serve the perennially and financially underserved Filipinos.

And why not? These are Filipinos who live beyond the financial fringes, so to speak, and are least exposed to banks and other financial services. Based on the data from the Bangko Sentral ng Pilipinas (BSP), nearly 77 percent of Filipino adults do not have a bank account.

Thirty-three percent of towns also do not have access to banks.

But to Vea all these were too clearly etched in inequality and he sought to do something about it in a manner that not only pleased the regulators but the fringe underserved Filipinos most of all.

According to the same data from the BSP, 86 percent of adults are connected to the internet or have access to it.

Vea merged these opportunities and created a company that exploits these openings, and thus Voyager Innovations.

Today, a PayMaya card is something found in the hands of many Filipinos.

One PayMaya card can be used as an e-Wallet, for acquisition and for remittance.

“Digital wallet is about safety and security. It is not only about helping people to get from one place to another,” said Nick Wilwayco, head of public relations at Voyager Innovations.

The company has also touch-based with the different sectors to ensure every Filipino is duly served.

“We have partnered with different bodies like consumers, merchants and government. We wanted to make sure that everyone has an access to bank and everyone is financially capable,” she added.

PayMaya’s recent collaboration involved the Department of Science and Technology, the Philippine Regulatory Commission and Pag-IBIG or the Home Development Mutual Fund.

Today, Voyager’s vision to touch Filipino lives by offering digital financial services is being realized.

In the future, no Filipino will be left unbanked or underserved.