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NomuPay looks to increase merchants in next two years

By January 15, 2024No Comments

Map of South East Asia with the Philippines highlighted

Global payment platform, NomuPay, is looking to expand its partner merchants in the Philippines in the next two years.

In an interview with BusinessWorld, Danny Makin, NomuPay Managing Director in Asia, the Middle East and North Africa (MENA), said: “Growth has always been a big part of the NomuPay strategy and there’s no difference with our vision for the Philippines market. This includes growth for our merchants and partners too, which is why we make it easy for other payment partners to integrate with us, so they can offer our solutions to their own customers without a hitch.”

NomuPay will also upsize its team in the country to help ramp up digital payments among local merchants and help them expand globally.

“While we aim to grow organically in tandem with market growth, we also have plans to expand our team over the next year, ensuring that we continue to deliver exceptional value and innovation to our partners and merchants alike,” Mr. Makin said.

NomuPay is a licensed electronic money issuer (EMI) operator in the Philippines. Aside from its payment platform functions, it recently expanded its services to include recurring payments, pay by link, open banking and smart dynamic routing, thanks to its merger with merchant services and payment processing solutions provider, Total Processing.

The merger took place in December last year and will allow the platform to offer its partner merchants a complete end-to-end payment solution.

Mr. Makin added, “This collaboration will bring so much value to the region, opening up a whole host of opportunities, enhancing the customer experience, boosting authorisation rates, improving the efficiency of the payment ecosystem and so much more.

“Our ambition for the future is to grow within this region and will be a key focus for us over the next 12 months.”

The company also hopes to contribute to the increasing use of digital payments in the country.

The combined value of transactions done via automated clearing houses PESONet and InstaPay rose by 30.3% to P11.6 trillion at end-November 2023 from P8.9 trillion in the same period in 2022, latest data from the Bangko Sentral ng Pilipinas showed.

In terms of volume, transactions via the two payment systems climbed by 44.8% to 824.856 million in the same period from 569.665 million transactions a year prior.

The company can also help facilitate the rollout and acceptance of central bank digital currencies in some countries, improving cross-border payments, and merging batch payment services, Mr. Makin said.

“We feel our product fits the Philippines’ mission to reduce cash usage and envision our services will be a part of the facilitation of this movement.”