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Manila Bulletin devider Business devider Paymaya: Young Filipinos favor cryptos

Paymaya: Young Filipinos favor cryptos

Published Apr 17, 2022 09:00 pm

Cryptocurrency (crypto) has become popular with digital-first younger Filipinos, that's why Paymaya made it an integrated feature in its e-wallet app, according to PayMaya President Shailesh Baidwan.

Cryptocurrency ownership and usage in the Philippines have grown exponentially from 2019 to 2021.

Nearly three out of ten Filipinos either owned or used a digital coin and the Philippines ranked 3rd in a list of 56 using cryptos, according to Statista Global Consumer Survey.

Transactions in virtual currency, including cryptocurrency, jumped by 71 percent to almost P106 billion in the first half of 2021, compared to P62.12 billion in the previous year, according to the Bangko Sentral ng Pilipinas (BSP).

The number of transactions grew 4.6 times, reaching nearly 20 million for the same period.

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Hence, "We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino," Baidwan stressed.

Through Paymaya all-in-one finance app Filipinos can buy and earn digital assets, such as Bitcoin and Ethereum, for as low as P1.

For consumers, buying and earning crypto can be challenging because of the need to use multiple apps with separate registration processes and experiences.

With PayMaya, the user does not need to register for another account, apply for an upgrade, or use another app.

Unlike other e-wallets and apps, customers can learn to use crypto, cash in to their wallets, buy and sell coins, and spend their crypto earnings, all in their PayMaya account.

Upgraded PayMaya users can trade in a variety of the most popular coins directly from their PayMaya wallet in Philippine Pesos.

They can also seamlessly buy and sell crypto anytime with no extra cash in and cash out fees.

The feature is fully integrated into the app experience, providing convenience at the back of its secure platform and 99.9% app uptime rate.

Cutrently, PayMaya is rolling out the feature progressively to its base.

Aside from 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 coming soon.

PayMaya developed this feature under its Invest platform in connection with Coinbase Institutional.

Coinbase is the largest publicly traded crypto company in the world and the trusted bridge to the crypto-economy.

The BSP licensed PayMaya as both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP).

A VASP is an entity that offers services or engages in activities "that provide facility for the transfer or exchange of virtual assets".

Virtual assets include cryptocurrencies such as bitcoin.

PayMaya's crypto expansion is not its first foray into enabling this new technology.

The company has allowed other crypto platforms and apps to accept top-ups from Philippine-based wallets and cards since 2020.

As of end-December 2021, it provides more than 44 million Filipinos access to financial services through its consumer platforms.

Its Smart Padala by PayMaya network of over 60,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services.

Most recently, its affiliate, Maya Bank, secured BSP approval to operate a digital bank.

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PAYMAYA CRYPTO FEATURE PAYMAYA VASP cryptocurrency
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