Philippine’s largest digital payments firm PayMaya unveils new features to support crypto

By:
on Apr 7, 2022
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  • PayMaya has announced support for crypto payments.
  • The Philippine-based fintech and digital payments firm will offer crypto trading services.
  • PayMaya’s move will boost crypto adoption in the Philippines.

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PayMaya, a fintech and digital payments firm based in the Philippines, has unveiled new features to allow crypto trading and enable people to earn cryptocurrencies on its application.

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The launch of this feature comes as cryptocurrencies become more accessible in the Philippines. PayMaya seeks to support the cryptocurrency sector by becoming a leader in digital payments.

PayMaya ventures into crypto

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PayMaya has the potential to boost crypto adoption in the Philippines, given its large digital user base. Moreover, the company issues electronic money and virtual asset services. PayMaya is licensed by the central bank of the Philippines.

Users on the PayMaya platform can now buy top cryptocurrencies like Bitcoin (BTC/USD) and Ethereum (ETH/USD) on the app without registering for another account or getting an upgrade. It will allow users to bypass the complex process of signing up on cryptocurrency exchanges, creating wallets and complying with KYC requirements.

The PayMaya account will be flexible because it will allow users to learn how to use cryptocurrencies, trade digital assets, spend their earnings through crypto, and conduct other activities.

The president of PayMaya, Shailesh Baidwan, commented on this development saying,

With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app.

Users that register on the platform can trade in various cryptocurrencies through their PayMaya wallet using Philippine Pesos. The PayMaya app has over 40 million registered users, giving it a large user base.

Besides Bitcoin and Ethereum, users on PayMaya can also access a wide range of other cryptocurrencies, including Cardano, Chainlink, Uniswap, Solana, Quant, Polygon, Tether and Polkadot.

Growing crypto adoption in the Philippines

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The Philippines is one of the largest crypto hubs globally. The crypto sector in the Philippines has grown significantly in recent years. The Philippines is the world’s largest player of the Axie Infinity play-to-earn game.

Statista Global Consumer Survey data demonstrates how virtual asset services have grown in popularity in the Philippines. With PayMaya venturing into the sector, adoption is expected to grow further.

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