5 FinTechs boosting payment gateway ecosystem in Philippines

By Gloria Mathias

Payment gateways are online payment processing systems that enable secure transactions between merchants and customers. Payment gateways are mediums chosen for their seamless transaction services, mitigating the risks of payment fraud and breaches. In the Philippines, digital payment gateways have emerged as vital stakeholders, revolutionising the way individuals, businesses, and institutions manage their finances and transact consistently.

According to an IBS intelligence report, rapid digitalization in the payments sector is the primary trend in the market. In the post-pandemic society, digital currencies, biometrics, and real-time payments are becoming more popular and widely accepted by customers to reduce the demand for cash. Furthermore, technology is expanding to new use cases as its adoption continues to provide contactless payment choices for restaurants and retailers.

Dynamic real-time payment credit has also allowed retailers to scan customer codes, and the system detects fraud automatically. As a result, the worldwide real-time payments industry could see growth because of the increase in developments and efforts towards digitalized payments. Such factors are expected to fuel the growth of the market during the forecast period.

Listed below are the 6 digital payment gateways in the Philippines:

• D24

D24 is a company that provides payment processing services for businesses and individuals. D24’s services are intended to be secure, reliable, and innovative 24/7. D24, also known as Directa24, is emerging as the fastest-growing payment gateway and works to improve digital payment solutions to enhance business services.

• Dragonpay Corporation

Dragonpay is the pioneer in alternative payments for the Philippine eCommerce market and a trusted payment partner for local and international merchants and government agencies. Dragonpay provides alternative online payment solutions to businesses of all sizes. Through its gateway, customers can purchase goods or services online, and pay for them using cash or check at physical, brick-and-mortar payment counters, ATMs, mobile wallets, or through online bank debit.

• PayMongo

PayMongo is a financial technology company that allows businesses in the Philippines to accept online payments. PayMongo’s platform allows businesses to accept payments from customers using credit cards, debit cards, e-wallets, and online banking. PayMongo also offers BillEase, which allows customers to buy now and pay later. PayMongo is backed by investors, including PayPal’s Co-founder Peter Thiel and Stripe.

• PesoPay

PesoPay is an online payment gateway system in the Philippines. It offers payment processing solutions for local businesses to accept a wide variety of payment methods, including online, mobile, and point-of-sale payments. PesoPay also offers seamless electronic payment solutions for both small and medium-sized enterprises (SMEs) and large enterprises.

• PayMaya Philippines

PayMaya is a digital payments ecosystem that offers services and platforms for consumers, merchants, communities, and the government. PayMaya was founded in 2007 and offers a digital wallet and secure payments. PayMaya is the end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government.