MANILA - A young population and a fast-growing economy will help the Philippines shift to cashless transactions, a digital payment service provider said Friday.
PayMaya recorded $3 billion in transactions last year from 6 million clients, as the world reaches a "tipping point," away from cash transactions, said COO Paolo Azzola.
Partnering with banks and retailers to ensure interoperability is key to the success of digital payments, he said.
A recent visitor to Manila, Chinese billionaire and technology entrepreneur Jack Ma said the Philippines, with its high mobile phone penetration, can ride the e-commerce wave.