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With the support of PayMaya, a reputable e-wallet company, Filipinos may now dip their toes into the realm of virtual assets and cryptocurrencies (crypto).
The digital financial services provider announced today that it has added a cryptocurrency (crypto) function to its all-in-one banking app experience, allowing Filipinos to buy and earn digital assets like Bitcoin and Ethereum for as little as P1.
Cryptocurrency can be difficult for many of us. Typically, you must download and register for a cryptocurrency account, as well as go through a verification process. As a funding source, you’ll need a bank account or an e-wallet app.
PayMaya has made it easier than ever for us to get into cryptocurrency by delivering an all-in-one experience. There’s no need to create a new account, apply for an upgrade, or download a different app. Unlike other e-wallets and apps, PayMaya allows you to learn how to use cryptocurrency, deposit funds into your wallet, purchase and sell coins, and spend your cryptocurrency earnings all without ever leaving your account.
To start trading in a selection of popular coins directly from your PayMaya wallet in Philippine Pesos, all you need is an upgraded PayMaya account. You can also purchase and sell cryptocurrency at any moment with no additional cash in or cash out costs.
PayMaya is licensed by the Bangko Sentral ng Pilipinas as an Electronic Money Issuer (EMI) and a Virtual Asset Services Provider (VASP) (BSP). Consumers may experience safe and lawful crypto transactions because of PayMaya’s great track record of security and reliability, which includes a 99.9% app uptime.
What coins are available on PayMaya?
PayMaya is gradually introducing the feature to its user base. Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT) are some of the other popular coins and tokens available for trading, with more on the way.
PayMaya developed this service in collaboration with Coinbase Institutional as part of its Invest platform. Coinbase is the world’s largest publicly traded cryptocurrency startup and a trusted gateway to the crypto-economy. Coinbase Institutional provides a full range of products and services, including custody, prime brokerage, trading tools, and analytics, as well as a corporate infrastructure built on a secure platform. Coinbase Institutional gives you the scalability and stability you need to succeed in the digital economy.
“We’re excited to offer this new feature to our users – especially as more Filipinos become increasingly interested in cryptocurrency. Being at the forefront of digital payments and financial services, offering crypto is a natural expansion for us as we build the Philippines’ most accessible end-to-end money platform,” said Shailesh Baidwan, President of PayMaya Philippines.
How to buy coins in Paymaya?
- Tap Crypto on the PayMaya homepage.
- Tap Buy on the bottom of the screen, then select the desired cryptocurrency.
- Input the desired Philippine Peso (PHP) amount you want to spend. You will see the equivalent cryptocurrency value based on an estimated market price. Then, tap Next on the upper right hand of the screen.
- A Confirm Purchase tab will pop up. On this tab, you will see the amount in PHP you will be spending and the amount of cryptocurrency you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to buy.
Once you purchase your desired cryptocurrency, the amount will reflect on your app’s Crypto page.
How to sell coins on Paymaya?
- Tap Crypto on the PayMaya homepage.
- Tap Sell on the bottom of the screen, then select the desired cryptocurrency.
- Select a percentage value to sell a part of your currently owned asset. You will see the equivalent PHP value based on an estimated market price. Then tap Next on the upper right hand of the screen.
- A Confirm Sale tab will pop up. On this tab, you will see the amount of cryptocurrency you will be selling and the amount of PHP you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to sell.
You will automatically receive your earnings on your PayMaya wallet. Simply go to your app’s home screen and check the amount. Once you receive the amount, you can choose to use it for your everyday transactions with PayMaya or transfer it to your bank account instantly.
With this seamless experience, PayMaya encourages more Filipinos to experience crypto.