PAYMONGO, a leading digital financial service for Filipino entrepreneurs, recently launched the PayMongo Wallet, designed to make digital transactions easier for small and medium enterprises (SMEs) in the Philippines.
PayMongo Chief Exectuive Officer Jojo Malolos revealed that PayMongo Wallet was set to revolutionize digital financial transactions for SMEs in the Philippines, offering a seamless, secure and inclusive solution.
"PayMongo Wallet streamlines online business operations and enhances financial management, helping Filipino SMEs thrive in the digital age," Malolos said.
Malolos explained that in a market where SMEs constitute a significant portion of businesses, the PayMongo Wallet was designed to support these enterprises as they adapt to an evolving digital economy.
"Our goal is to help SMEs stay competitive in a digital-first world," Malolos added.
Malolos said the PayMongo Wallet would be a game-changer for local businesses, stating: "In today's digital age, having smooth and secure financial transactions is a must for any business. It's not just about convenience; it's about creating a better experience for both merchants and their customers while ensuring top-notch online security."
PayMongo Wallet key features
Malolos explained that PayMongo Wallet has been packed with features to make financial management a breeze, including cash flow management, transaction tracking, faster payouts and flexible platform integrations.
Malolos said whether cashing in or sending money to any bank, the cash flow management feature would efficiently manage finances and streamline fund management.
Malolos highlighted the transaction tracking feature, which would provide SMEs with a centralized view of all financial transactions essential for audits and accounting.
"Every transaction is documented, making it easy for businesses to stay on top of their finances," Malolos revealed.
Another feature would be faster payouts, which would bypass traditional clearing schedules.
"This ensures quicker access to funds, which is crucial for smooth operations," Malolos explained.
Malolos also emphasized that the PayMongo Wallet has a flexible platform integration, which offered a robust API (application programming interface) that would integrate seamlessly with merchants' platforms, providing a customizable and scalable financial tool.
"Whether you need a disbursement solution or a wallet, PayMongo can adapt to your specific needs, offering a customizable and scalable financial tool," Malolos said.
Enhanced security
PayMongo Co-founder and Chairman Luis Sia said PayMongo has reinforced the security of its platform to safeguard business finances as it adheres to stringent security standards of Bangko Sentral ng Pilipinas, including PCI-DSS and SOC2 compliance.
"This proactive approach to risk management underscores our commitment to protecting merchants and their transactions against cyber threats," Sia said.