PayMaya – one of the leading digital financial services platforms in the Philippines – rolled out a cryptocurrency feature on its app, allowing customers to deal with bitcoin and altcoins. The initiative aims to educate locals about the merits of the asset class and grant them access to it.
PayMaya Enters the World of Crypto
Global fintech companies are increasingly jumping on the crypto bandwagon by embracing the asset class as a payment method or allowing clients to facilitate digital asset transactions. The Philippines-based PayMaya is the latest example.
The company, with more than 44 million users, vowed to design a feature on its platform where users can buy and sell cryptocurrencies. Initially, PayMaya added support for the following assets: Bitcoin, Ethereum, Cardano, Solana, Polkadot, Polygon, Tether, Chainlink, Uniswap, Quant, and Tether. At a later stage, the organization pledged to include additional tokens.
PayMaya will also provide educational services to its clients. Specifically, customers will be able to learn about the advantages of the cryptocurrency industry and explore the best ways to delve into the sector.
Sailesh Baidwan – President of PayMaya – opined that the digital asset universe had become a highly intriguing niche for Filipinos. This is why the company decided to launch an “integrated feature” for those willing to join the ecosystem.
“Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform,” Baidwan added.
PayMaya is the largest provider of digital payments in the Philippines. Headquartered in the capital Manila, it processes over $1 billion in transactions annually.
Union Bank of Philippines Eyeing Crypto, too
Another major Filipino organization that recently displayed its interest in the cryptocurrency universe is the Union Bank of Philippines. Earlier this year, it revealed its intentions to create a digital assets custodial desk.
The institution’s head of blockchain and applications coordination department – Cathy Casas – said this a necessary strategy that could secure the future of the entity.
Estimations disclosed that 1% to 2% of all Filipinos are crypto holders. With the increasing interest in the industry, this proportion is expected to reach 5% in the next five years. According to Casas, most of the adopters are from the young generations. They not only own tokens but also earn some rewards through play-to-earn gaming platforms, she assumed.
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