PayMaya users with upgraded accounts can now send money to more than 40 local banks and other financial institutions that offer InstaPay.
“This new feature will definitely make it easier for PayMaya account holders to manage their money conveniently. Whether they’re sending money to an online seller or transferring money from one of their bank accounts to another, everything is instant and seamless with PayMaya’s new Send Money to Bank feature,” said Shailesh Baidwan, president of PayMaya.
To use PayMaya’s Send Money to Bank feature, go to Send Money and select To Bank Account in the app. In the next screen, choose the bank or financial institution, indicate the amount, and fill out all the important details of the recipient. It’s a real-time fund transfer.
PayMaya is not charging any transaction fee for the service until further notice.
This new feature is also in line with the efforts of the Bangko Sentral ng Pilipinas to increase digital transactions in the country to 20% by the year 2020, under the National Retail Payment System (NRPS).
PayMaya is the digital financial services arm of Voyager Innovations, a financial technology company in the Philippines which offers integrated consumer and merchant payment solutions with the widest on-ground branch network.