Popular Philippine Digital Payment Provider Adds Crypto Option
Apr 14, 2022

Philippines-based fintech company PayMaya, together with GoCash, Coins.ph and Pesopay among the largest online and mobile payment providers in the country, has launched a new feature that allows users to buy, trade, cash-in and spend cryptocurrencies using their accounts within the app for free, Tech in Asia reported.

In a first for the Philippines, the feature allows users to trade a variety of coins directly from their PayMaya wallets. Aside from Bitcoin and Ether, other tokens available for trading in the platform include Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon and Tether, with more to be added soon.

PayMaya users can buy and sell crypto anytime with no extra cash-in and cash-out fees. This is possible within the PayMaya app and will not require a separate registration on crypto exchanges, creating a wallet or going through a Know-Your-Customer process, the report said.

“At the forefront of digital payments”

“Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform,” Shailesh Baidwan, president of PayMaya, said.

PayMaya, founded in 2007, offers customers a mobile e-wallet for everyday payments, remittance services through touchpoints and digital payment channels for stores and enterprises. The firm is licensed by the central bank of the Philippines. Its cornerstone investors are China’s Tencent, US investment firm KKR and the World Bank’s International Finance Corporation.

As of end-December 2021, PayMaya had more than 44 million users on its platform.

High crypto adoption in the Philippines

The Philippines is one of the recent high adopters of crypto in Southeast Asia. Central bank data shows that in the first half of 2021, crypto transaction volumes increased by 362 per cent year-on-year, reaching $20 million. It is estimated that over 4.3 million people or around four per cent of the Philippines’ total population currently own cryptocurrency.