Cash crumbles as Maya heats up

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For those of us fortunate enough to live in countries where digital payments are common, think back to the days when such solutions weren’t widely available or accepted by merchants.

Every week or so, you’d make a trip down to the ATM, try to estimate how much cash you’d need for the next few days, and then leave with a niggling sense of doubt about whether it was really enough.

Paying for things could sometimes be inconvenient, especially if the cashier was a little slow with counting your change. Not to mention, you’d probably have to check that they gave you the right amount.

I’m glad we’re more or less past that, and with the help of companies like Maya, people in the Philippines might be well on their way too. The digital payments provider has posted solid 2023 numbers, which brings up the question of whether an IPO is in order.

Today we look at:

• Maya’s journey to a potential IPO
• Dyson’s Singapore layoffs
• Other newsy highlights such as BYD’s EV recall and Malaysia’s new cloud and AI policies

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The power of cashless

Image credit: Timmy Loen

In just one year, cash usage in the Philippines has dropped by 9%, from 96% in 2022 to 87% in 2023. This can be largely attributed to the two leading digital payment providers in the country, Maya and GCash. With Maya’s solid 2023 numbers, who knows how fast this trend could heat up?

• A long ride: While Maya is one of the first movers in the Philippines’ digital payments sector – having been around since 2007 – it was only in 2020 that it started seeing exponential growth. In 2023, its revenue stood at US$168 million, 70% higher than the 2020 figure.
• The right time: The company looks to be in a good spot for an IPO, but according to Manny Pangilinan, chairman of parent firm PLDT, Maya still needs to prove that it can be a profitable business.
• Same same, but different: Maya and GCash may have started out with similar offerings, but they’ve since gone in different directions. The former has become one of the Philippines’ largest digibanks, while the latter is more focused on its e-wallet services.

Read more: Solid 2023 numbers may propel Maya’s IPO plans

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