4.

5 Social-Demographic Forces

4.5.1 Demographics of the population

In research from Statista (2022) approximately 51 percent of the female and 46

percent of the male respondents paid their transactions with an e-payment method often

a month as of February 2020. In contrary, six percent of the male respondents rarely

paid their transactions using an e-payment method. As stated by Massally, et al. (2019)

Women are more likely than males to engage in transactional activities such as

remittances, bill payments, and purchases.  When it comes to age, In the Philippines,

83 percent of respondents aged 35 to 44 said they used online e-payment methods to

pay bills. The most popular e-payment transactions among Filipino respondents were

money transfers to friends and family and online shopping (Statista 2023).

4.5.2 Education level of the society

According to the 2017 Financial Inclusion Survey conducted by the Bangko

Sentral ng Pilipinas (BSP), the majority of Filipinos still do not have a bank account

owing to failure to maintain the balance needed for the account. According to BSP, just

15.8 million people, or 22.6 percent of the overall population, have a bank account, due

to a perceived lack of need, a lack of required documentation, and the high cost.

According to BSP data, in 2018, more Filipinos used e-wallets or e-payment systems

than credit cards. Platforms like GCash and PayMaya allow Filipinos to perform digital

financial transactions without the use of actual money or credit cards (Zoleta, 2022).

Industry Attractiveness: HIGH

Maya has shown great promise in emerging into the Philippines' mobile payments

market despite challenges. While it has yet to reach the level of services, functionality,

and penetration of global and regional mobile platforms and wallets, Maya has taken a

step forward to reach the "unbanked" and "uncarded" Filipinos and contribute to the

growth of the country's e-payments system. As said by Mr. Orlando B. Vea, PayMaya

CEO-Founder, "Our strong record of execution and innovation is a testament to our

world-class team's hard work and talent. With this milestone, we are excited to leap

forward and bring the best of PayMaya and Maya Bank to help unlock the digital

economy for the underserved and unbanked Filipinos.” Moreover, as of the end of

March 2022, two-thirds of the adult population in the Philippines - over 47 million

people, were Maya Bank customers (Businesswire, 2022).

References

Bangko Sentral ng Pilipinas, Inclusive Finance Advocacy Office. (2017).

Financial inclusion survey: Moving towards digital financial inclusion.

http://www.bsp.gov.ph/downloads/Publications/2017/2017FISToplineReport.pdf

Businesswire. (2022, April 11). Voyager Innovations Raises US$210M to Expand

the Financial Services Ecosystem of PayMaya and Maya Bank.

https://www.businesswire.com/news/home/20220411005585/en/Voyager-Innovations-

Raises-US210M-to-Expand-the-Financial-Services-Ecosystem-of-PayMaya-and-Maya-

Bank

Massally, K. N., Ricart, R. M., Bambawale, M., Totapally, S., & Bhandari, V.

(2019). The State of Digital Payments in the Philippines. Better Than Cash Alliance.

https://www.betterthancash.org/

Statista. (2022, January 18). Frequency of using e-payment methods Philippines

2020, by gender. https://www.statista.com/statistics/1105579/philippines-frequency-of-

using-e-payment-by-gender/

Statista. (2023, January 6). Transactions using e-payment methods Philippines

2022, by age group. https://www.statista.com/statistics/1105586/philippines-usage-e-

payment-method-by-age/

Zoleta, V. (2022, April 28). [Battle of the Brands] PayMaya vs GCash: Which

Mobile Wallet App is Right for You?

https://www.moneymax.ph/personal-finance/articles/paymaya-vs-gcash