Just-In: Philippines’ Largest Digital Payment Firm Enables Crypto Trading

The Philippines-based fintech and digital payments firm PayMaya on Wednesday has rolled out features to buy, sell, and earn crypto on its app. With the expansion into crypto services, the company has further extended its leadership in the digital payments sector and made cryptocurrencies more accessible to Filipinos.

PayMaya Forays Into Crypto Payment Services

PayMaya has the largest base of digital payments users in the Philippines. Moreover, it is both an electronic money issuer (EMI) and virtual asset services provider (VASP), licensed by Bangko Sentral ng Pilipinas, the central bank of the Philippines.

PayMaya users will be able to buy major cryptocurrencies such as Bitcoin and Ethereum on the app without the need to register for another account or apply for an upgrade. It will help users bypass the complex process of registering with crypto exchanges, establishing a crypto wallet, and other KYC requirements. Moreover, customers can learn to use crypto, buy and sell crypto, spend their crypto earnings, and do other things through their PayMaya account.

PayMaya president Shailesh Baidwan, on the rise in popularity of cryptocurrency among Filipinos, said:

“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.”

Registered users will be able to trade in a variety of popular cryptocurrencies directly from their PayMaya wallet in Philippine Pesos. Moreover, the users can buy and sell crypto anytime without extra cash in and cash out fees. The PayMaya app currently has more than 40 million registered users.

Other than Bitcoin and Ethereum, users will be able to buy and sell crypto such as Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT).

Growing Crypto Adoption in The Philippines

All ASEAN countries are leading the crypto race. Among the ASEAN countries, the Philippines’crypto community has grown massively in recent years. Especially, most Filipinos earn money by playing Axie Infinity and trading their axies.

Virtual assets’ use has risen tremendously in the country, according to the data by Statista Global Consumer Survey. And, with the largest digital payments firm PayMaya rolling out crypto features through its in-app experience, the country may witness a further rise in crypto adoption.