As the country remains on track to having every Filipino signed up for digital banking services, with at least 75.5 million by 2025, the Philippines’ cashless revolution is further strengthened by eWallet and fintech startup PayLoro.com. Abreast with how rapid the digital evolution in digital financial systems is occurring, the company works with the industry’s major players to gain a fair market share instead of competing in the industry.

By investing in grassroots education about fintech benefits and ease of use, particularly in remote and unbanked, and underserved areas in the countryside, PayLoro.com was able to increase its target market threshold. It gave free trial services such as ​​mobile loading and Visa cards to earn more sign-ups in select provinces’ mountainous areas. 

Recently, PayLoro.com was named as one of the esteemed nominees for the inaugural P-Innovator Summit Awards slated on June 24. The company’s continuing innovations and strategic implementations garnered praise despite only being in operation last year, on July 07, 2021. Though its payment gateway services became operational only on February 26, 2022, the company was able to cross 1 million transactions per month and is on track to its goal of 50,000 by mid-year.  

During the pandemic, PayLoro.com focused on research and development, enabling it to forge significant partnerships, increase its subscribers, and work on expanding its services by applying for its cryptocurrency license. It continues to educate more unbanked Filipinos on the importance of digital finance and adapt to a rapidly-changing cashless form of banking in the country.  

The company also found more opportunities for cross-promotion and co-branding via the PayLoro.com platform, while it offers its business partners free value-added services to their respective clients. The platform boasts a web-based application system that allows end-users to create transactions and enjoy more diversified yet convenient services, including cashing in and out, paying bills, buying mobile loads, transportation, and remittance features.

The young fintech startup intends to grow its brand among Overseas Filipino Workers (OFWs) while also concentrating on tapping more subscribers from lending companies, eCommerce, the gaming industry, and government agencies. 

Learn more about the 1st P-Innovator Summit by visiting Recognizing the Best Performing Digital/Innovative Business in PH Via an Inaugural Summit – iLead – Institute of Leadership Entrepreneurship And Development (i-leadacademy.org)

The 1st P-Innovator Summit

In partnership with UHY M. L. Aguirre & Co. CPAs, and Babylon2k.org, the P-Innovator Summit will hold its inaugural awards this year, after which shall be an annual event.

The awards aim to recognize the most innovative local companies pushing the envelope in digital transformation, mainly in business-to-business (B2B) and business-to-customer (B2C) strategies. Eligible for the awards are companies in fintech, communication, virtual currency exchange, gaming, retail, and other digital intermediaries. 

Awardees will be determined based on innovation, strategy, engagement, metrics, and campaign results. A panel comprising members of the organizing partners and affiliated entities will select the final list of awardees upon thorough reviews of the submitted entries.