PT&T to venture into e-payments

PHILIPPINE Telegraph and Telephone Corp. (PT&T) is poised to foray into digital payments with its new deal with Paynamics Technologies, Inc.

The listed company said in a statement on Wednesday it signed a partnership agreement with electronic payment solutions provider Paynamics to further PT&T’s goal to become a digital services provider.

“PT&T’s 10,000 kilometers of 100% fiber allows for seamless connectivity while Paynamics has an extensive payment processing network that offers multi-channel pay-in and pay-out options. As commercial brands and government agencies rush to make their products and services available online, consumers require reliable internet services and secure digital payment services now more than ever,” the company said.

PT&T said it tapped Paynamics because of its flexibility and scalability.

In its website, Paynamics said it has created an internet payment gateway system called Paygate, which is used as the “last mile connection” for merchants trying to connect to banks.

“We are highly confident in the strategic vision of the new PT&T management. We are excited to bring our payment solutions to more Filipino business organizations through PT&T’s 100% fiber network,” Paynamics Chairman and Founder Ronald P. Magleo was quoted as saying.

After it lost its bid to become the country’s third major telco player, PT&T said it wants to become a “digital services provider offering a wide range of telecommunications and IT services.”

While the company still has a case filed before the Supreme Court seeking to overturn its disqualification in the government’s bidding, PT&T said among its plans is to raise P7 billion in the next two years to fund its network expansion project.

Source from BusinessWorld https://www.bworldonline.com/ptt-to-venture-into-e-payments/