With the newly-designed feature, PayMaya aims to make crypto use easier and simpler for Filipinos.
PayMaya, a large fintech business located in the Philippines, is said to have unveiled a new cryptocurrency option on 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. This is also part of PayMaya’s goal of providing a comprehensive cryptocurrency bundle to anyone interested in entering the industry.
According to the report, PayMaya hopes to make it easier for Filipinos to learn about cryptocurrency and crypto use with the new functionality. It will also eliminate the need for customers to register with cryptocurrency exchanges, create a crypto wallet, and go through additional KYC hurdles.
PayMaya is the Philippines’ leading digital payment provider. It is also a virtual money issuer (EMI) and virtual asset services provider (VASP) licensed by 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 growing popularity of cryptocurrencies among Filipinos, saying:
“With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app.”
Users with upgraded accounts on PayMaya can easily exchange their Bitcoin (BTC) and Ether (ETH) for Philippine pesos. 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 site, with more to come.
In recent years, ASEAN countries have shown a growing interest in cryptocurrencies and blockchain technologies. The Philippines, in particular, has been at the forefront of embracing digital assets, even going so far as to legislate the industry. Despite the massive success of the crypto-powered game Axie Infinity in the country, the Philippine Department of Finance has made it clear that it wants a cut of the revenues created by playing Axie Infinity and other play-to-earn games.
