PH Digital Economy: Now fueled by PayPal and PayMaya

There are already more than 1.4 millions of Filipino Freelancers according to this report. More and more individuals are engaged in “freelancing” and enjoy working from home instead of reporting to office from 8AM to 5PM. Most of these freelancers serve clients overseas and usually getting their professional fees is done through a digital payment system. PayPal is one of the most popular and convenient facilities of  getting professional fees. It is also the most widely used payment acquirer. In 2016, PayPal processed over USD50 billion in payments only.

Back in the Philippines, PayMaya, a growing virtual credit card and online payment system which was introduced by Voyager Innovation in August 2015. Since then it has been accepted and become a popular medium in paying both online and offline purchases. It has a built-in BEEP card which is also accepted in the paying fares in trains and select buses in Metro Manila.

PayMaya X PayPal, the partnership

To offer more tools for freelancers in the country, Voyager’s PayMaya have sealed a partnership with PayPal Tuesday, November 11, 2016 to offer up to 80% off PayPal’s withdrawal fee when they transfer their available PayPal balance to their PayMaya account.

Instead of paying the regular fee of P250/transaction, the limited promotional offer of only P50 until December 31, 2016.

Upon transferring funds from PayPal to PayMaya, users can go to any ATM machine and withdraw their fund. They can likewise use their PayMaya app or card to shop at any online or offline (physical) store locally or abroad that accept VISA card.

Freelancer and founder of Freelancing.PH Catherine Quiambao shared “I receive payments from my clients overseas using PayPal and I am glad that with many benefits that come with linking it to my PayMaya account. I don’t have to experience the hassle of withdrawing my funds through other financial touch points, which require me to travel farther and wait long. Whenever I need money, I just go to any Bancnet ATM and withdraw instantly using may PayMaya physical card.”

Paolo Azzola co-COO of PayMaya

Withdrawing money from PayPal through PayMaya

Using PayMaya to withdraw Paypal funds is more efficient compared to the usual bank transfer. With PayMaya, there is no need to visit banks or financial institutions, fall in long lines, fill up forms, and secure minimum initial deposit.

All they need to do si download the PayMaya app from Google Play or the App Store to have an instant virtual VISA card which they can immediately use for transactions including online purchases, bills payment and now PayPal transfers.

Getting the physical PayMaya card is the next best thing to do. This is done through the PayMaya website and request for a free delivery of the card nationwide.

Rahul Shinghal, PayPal’s General Manager for Southeast Asia

Link PayMaya to PayPal

To enable fund transfer from PayPal to PayMaya, you need to link your PayMaya from your PayPal dashboard.

To do this, “Banks and Cards” on your PayPal website and choose “Link a Card”. Next, enter your PayMaya virtual or physical card information and ensure that the PayPal address matches that of your PayMaya account.

Note: You will need at least P100 in your PayMaya account to link your PayPal to facilitate authorization request.

Minimum withdrawal and fees

The minimum withdrawal amount from PayPal is P500.

TIP: As much as possible, use Landbank ATM in withdrawing PayPal funds because they charge P5 only as compared to other ATM/Banks that charges a standard P15 fee per transaction.