Philippine fintech firm PayMaya, along with the country’s largest online and mobile payment providers GoCash, Coins.ph and Pesopay, has launched a new feature that allows users to use their accounts to buy, trade, cash out and spend cryptocurrencies. According to AsiaTech, This app is free. The feature, the first of its kind in the Philippines, allows users to trade various tokens directly from their PayMaya wallet. In addition to Bitcoin and Ethereum, other tokens tradable on the platform include Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with more to come soon. Do not…
Philippine fintech company PayMaya, along with the country’s largest online and mobile payment providers GoCash, Coins.ph and Pesopay, has launched a new feature that allows users to use their accounts to buy, trade, cash out and spend cryptocurrency-free apps, Asia Tech report.
A first in the Philippines, the feature allows users to trade various coins directly from their PayMaya wallet. In addition to Bitcoin and Ethereum, other tokens tradable on the platform include Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with more to come soon.
no extra charge
PayMaya users can buy and sell cryptocurrencies at any time without additional withdrawal and withdrawal fees. This can be achieved within the PayMaya app and does not require a separate registration with a cryptocurrency exchange, creating a wallet or going through a “know your customer” process, the report said.
“We are at the forefront of digital payments and financial services, and expansion into crypto is part of our roadmap as we build the most accessible end-to-end money platform in the Philippines,” said PayMaya President Shailesh Baidwan.
Support China Tencent
Founded in 2007, PayMaya provides customers with a mobile e-wallet for everyday payments, money transfer services through touchpoints, and digital payment channels for stores and businesses. The company has been 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 the end of December 2021, PayMaya had over 44 million users on its platform.
The Philippines is one of the countries in Southeast Asia that has seen massive cryptocurrency adoption recently. Central bank data shows that in the first half of 2021, cryptocurrency trading volume increased by 362% year-on-year to $20 million. It is estimated that more than 4.3 million people, or around 4% of the total Philippine population, currently own cryptocurrencies.
