FILIPINO financial technology (fintech) platform PayMaya is now enabling Filipinos to participate in the booming crypto market by incorporating cryptocurrency functionality into its mobile app.
PayMaya users who have successfully completed their know-your-customer process, a Bangko Sentral ng Pilipinas requirement, can begin buying and selling crypto assets such as Bitcoin and Ethereum through PayMaya.
They simply need to click on the “Crypto” tile on the PayMaya app, choose the token or coin they wish to purchase, and pay through their PayMaya wallets.
“We are very excited to launch this feature, a big step forward in making crypto accessible to all Filipinos through their PayMaya app. Being at the forefront of digital payments and financial services, the expansion into crypto is part of our roadmap as we build the most accessible end-to-end money platform in the Philippines,” said Shailesh Baidwan, President of PayMaya.
Besides Bitcoin and Ethereum, other popular coins and tokens available for trading in the PayMaya app are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT ), Polygon (MATIC) and Tether (USDT), “with more to come soon.”
PayMaya has developed this functionality under its investment platform. It partnered with Coinbase Institutional, a global publicly traded crypto company, to create the crypto functionality in PayMaya.
PayMaya wants to take a slice of the growing local crypto market, as the Philippines has become a hotbed for crypto trading. Third-party data from Startista showed the Philippines ranked 3rd on a list of 56 countries, with a third of Filipinos having owned or used a digital coin.
“We are seeing the rise in popularity of crypto, especially among our younger digital users. With PayMaya e-wallet already part of their daily lives for everyday purchases and transactions, our customers now want to be able to buy and earn crypto in a way smart and seamless, so we’re making it an integrated feature in our e-wallet app,” Baidwan said.
PayMaya has a user base of 44 million. In addition to having an e-money issuer license, PayMaya also has a virtual asset service provider license from the central bank.