PayMongo and Paymentology have collaborated to launch a new Philippine prepaid card operating on the global Mastercard network.

The virtual financial tool allows local small and medium enterprises to access spend management functions without opening a formal bank account.

Business owners can now issue and use the pre-funded payment tool in under five minutes without visiting a physical branch.

Industry data shows that only one in five business payments currently occur digitally despite the rapid shift toward electronic commerce.

Mastercard Philippines Country Manager Jason Crasto stated:

“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace. Through our collaboration with PayMongo and Paymentology, Mastercard is helping expand access to secure and accessible virtual payment capabilities, enabling businesses to participate more fully in a more connected economy through the scale and reach of our global network.”

Merchants can onboard through the PayMongo system and fund their commercial accounts directly using their existing digital wallets.

The system enables business owners to set specific spending limits and issue separate payment tools for different operational teams.

Companies can immediately pay freelancers and field teams digitally to remove the friction associated with traditional fund transfers.

Paymentology provides the globally licensed processing infrastructure while Mastercard enables secure payment experiences and advanced fraud protection.

PayMongo Chief Executive Officer Jojo Malolos said:

“We are giving Filipino entrepreneurs a real, honest shot at growing their business. We’re giving SMEs a financial tool they can control – one that enforces the discipline to spend only on what moves the business forward, and nothing else. The biggest motivation for any business owner is seeing their business actually grow. This is the tool that lets them see it, and build on it.”

The Bangko Sentral ng Pilipinas strictly monitors the local platform operations to ensure financial compliance and stability.

The system maintains PCI DSS and SOC 2 Type 2 security certifications to match the strict standards of large national financial institutions.

The initiative aligns with national regulatory ambitions to increase financial accessibility following the achievement of a 50% digital retail transaction target in 2023.

Featured image: Edited by Fintech News Philippines based on an image by PayMongo Press Release.