Philippines’ leading payment provider adds crypto to its mobile app

PayMaya, a major financial technology company based in the Philippines, has reportedly launched a new cryptocurrency feature on its app, following in the footsteps of PayPal, Venmo and others.

According to TechInAsia, PayMaya users will be able to trade, buy and spend digital assets using their accounts. It is also part of PayMaya’s goal to offer a complete crypto package to anyone interested in entering the market.

With the new feature, PayMaya intends to make it easier for Filipinos to learn and use cryptocurrencies, according to the report. Additionally, it will eliminate the need for users to register with cryptocurrency exchanges, create a crypto wallet, and go through other KYC hoops.

PayMaya is the Philippines’ largest digital payments provider. It is also a Virtual Currency Issuer (EMI) and Virtual Asset Service Provider (VASP), licensed by Bangko Sentral ng Pilipinas, the central bank of the Philippines. The PayMaya app has over 40 million registered users.

Shailesh Baidwan, the Chairman of PayMaya, commented on the growing popularity of cryptocurrency among Filipinos saying:

“With the PayMaya e-wallet already part of their daily life for everyday purchases and transactions, our customers now want to be able to buy and earn crypto in a smart and seamless way. That’s why we are making it an integrated feature in our app. electronic wallet.

PayMaya users with upgraded accounts can directly exchange their Bitcoin (BTC) and Ether (ETH) for Philippine Pesos. Other cryptocurrencies available for trading on the site include Cardano (ADA), Chainlink (LINK), UNISWAP (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT) and Polygon (MATIC), with more more parts to be added soon.

Related: Philippines to start CBDC pilot implementation

ASEAN countries, or members of the Association of Southeast Asian Nations, have seen growing interest in cryptocurrencies and blockchain technology in recent years. The Philippines, in particular, has been at the forefront of digital asset adoption and has even taken steps to regulate the industry. The Philippine Ministry of Finance has made it clear that it wants a share of the profits generated by playing Axie Infinity and other gambling games to win amid the colossal success of the crypto-powered game Axie Infinity in the country.

Casey J. Nelson