PayMaya hopes that the new functionality would make it easier for Filipinos to learn about and use cryptocurrency.
PayMaya, a large fintech business located in the Philippines, is said to have added a cryptocurrency option to its app, following in the footsteps of PayPal, Venmo, and others. PayMaya customers will be able to trade, buy, and spend digital assets using their accounts, according to TechInAsia. PayMaya’s goal is to provide a comprehensive crypto bundle for everyone interested in getting into the industry.
According to the report, PayMaya hopes to make it easier for Filipinos to learn about and use cryptocurrencies with the new functionality. It will also remove the need for consumers to register with cryptocurrency exchanges, create a crypto wallet, and complete other KYC requirements. PayMaya is the Philippines’ leading digital payment service provider. It’s also a virtual money issuer (EMI) and virtual asset services provider (VASP) with the Philippines’ central bank, the Bangko Sentral ng Pilipinas. Over 40 million people have downloaded the PayMaya app.
PayMaya’s president, Shailesh Baidwan, commented on the rising popularity of cryptocurrencies among Filipinos, saying:
“With the PayMaya e-wallet being a part of their daily lives for purchases and transactions, our clients now want to be able to buy and earn cryptocurrency in a smart and seamless manner.” That is why we are integrating it into our e-wallet application.”
Users with upgraded PayMaya accounts can exchange their Bitcoin (BTC) and Ether (ETH) for Philippine pesos immediately. Cardano (ADA), Chainlink (LINK), UNISWAP (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), and Polygon (MATIC) are among the other cryptocurrencies available for trading on the platform, with more to be added soon.
In recent years, ASEAN countries have shown a growing interest in cryptocurrencies and blockchain technologies. The Philippines, in particular, has been in the forefront of embracing digital assets, even going so far as to regulate the sector. Despite the massive success of the crypto-powered game Axie Infinity in the Philippines, the Philippine Department of Finance has made it obvious that it wants a piece of the revenues created by playing Axie Infinity and other play-to-earn games.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.