PT&T eyes digital services with Paynamics tie-up

Philippine Telegraph and Telephone Corp. (PT&T) has partnered with payment solutions company Paynamics Technologies in a bid to evolve as a digital services provider.

In a statement on Wednesday, PT&T said the move was a “major step” in boosting its presence in the local digital market.

The partnership was banking on the booming e-commerce sector, as well as the current administration’s target to expand its services online, it added.
[C]onsumers require reliable internet services and secure digital payment services now more than ever,” PT&T noted.

PT&T’s 10,000 [kilometers] of 100-percent fiber allows for seamless connectivity while Paynamics has an extensive payment processing network that offers multichannel pay-in and pay-out options,” it said.

The partnership comes a month after PT&T announced that it was planning to strengthen its business operations with digital services.

With a paid-up capital of P10.9 billion, and increased authorized capital of P15.6 billion to make way for future growth plans, the company intends to raise funds that will allow us to compete in the fixed and wireless broadband space and beyond,” James Velasquez, PT&T president and chief executive officer, was quoted as saying in the statement.

He expressed optimism that his company would keep posting positive financial results as its client base continued to grow.

PT&T recently reported a P25-million profit in fiscal year ending June 2018 on the back of lower expenses and increase in the number of clients, which rose by 72.64 percent.

Revenues soared by 62 percent to P201 million from P124 million last year.

Source from The Manila Times