Fintech firm PayMaya Philippines (PayMaya) launched its cryptocurrency (crypto) feature in the app, enabling users to buy and earn digital assets such as Bitcoin and Ethereum for as low as P1. PayMaya developed this feature under its Invest platform in connection with Coinbase Institutional.
PayMaya is streamlining the usual route, which includes having a bank account, registering to crypto trading app, and the verification process, of crypto trading for its users. There is no need to register for another account, apply for an upgrade, or use another app. Unlike other e-wallets and apps, PayMaya users can learn to use crypto, cash in to their wallets, buy and sell coins, and spend their crypto earnings within the app’s ecosystem.
“We’re excited to offer this new feature to our users — especially as more Filipinos become increasingly interested in cryptocurrency,” said Shailesh Baidwan, President of PayMaya Philippines. “Being at the forefront of digital payments and financial services, offering crypto is a natural expansion for us as we build the Philippines’ most accessible end-to-end money platform.”
Just upgrade the existing account for longtime PayMaya users to start trading in Philippine Pesos. App users can also seamlessly buy and sell crypto anytime with no extra cash in and cash out fees.
PayMaya is currently rolling out the feature progressively to its base. Other popular coins and tokens available for trading are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT), with more coming soon.
PayMaya is both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP), licensed by the Bangko Sentral ng Pilipinas (BSP).
Coinbase is the largest publicly traded crypto company in the world and the trusted bridge to the crypto-economy. Coinbase Institutional offers a comprehensive suite of products and services including custody, prime brokerage, trading tools, and analytics, and an enterprise infrastructure built on top of a robust security platform. Coinbase Institutional provides the scale and stability needed to successfully participate in the crypto economy.
Cashing in is easy because PayMaya has over 110,000 cash-in touchpoints nationwide, with 90,000 outlets offering this service for free. App users can use their crypto earnings to pay for bills, shop online or in-stores, or cash out via bank transfers in real-time.