Philippines-based PayMaya launches a new crypto feature on its app

Amid the big names like PayPal and Venmo adopting crypto payment features on their platforms, PayMaya, the fintech company based in the Philippines, has launched a new crypto feature on its app.

As per the report by TechInAsia, the users of PayMaya would be able to trade, buy, and spend digital assets using their accounts. The move comes under the company’s aim to offer a comprehensive crypto package for anybody interested in entering the industry.

With the new feature, the largest provider of digital payments in the Philippines, PayMaya, reportedly plans to make it simpler for Filipinos to learn about and use digital assets. In addition, the feature will eliminate the importance for users to register with crypto exchange platforms, create a crypto wallet, and go through other KYC hoops. 

The company is also a virtual money issuer (EMI) and a virtual asset services provider (VASP), both of which are regulated by the Philippines’ central bank, the Bangko Sentral ng Pilipinas. As per the reports, more than 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 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.”

Exchange crypto for Philippines pesos instantly

Users with upgraded PayMaya accounts can exchange their Bitcoin (BTC) and Ethereum (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 offered soon.

In recent years, ASEAN countries have shown a growing interest in digital assets and blockchain technologies. The Philippines, in particular, has been in the vanguard of adopting digital assets, even going so far as to regulate the sector. Despite the massive success of the crypto-powered game Axie Infinity, which aims to launch its own DEX, the Philippine Department of Finance has made it clear that it wants a piece of the income made by playing Axie Infinity and other play-to-earn games.