Digital financial services platform PayMaya launches crypto feature

PayMaya, Philippine financial services and digital payments company based in Metro Manila has confirmed that it will be launching a new crypto feature in its mobile application that will allow the users of the application and buy and sell cryptocurrencies at their leisure. It is also important to note that this firm is backed by Tencent, which already accepts digital yuan as payment.

PayMaya brings crypto feature

As per the report from TechAsia, the new feature from PayMaya is planned to bring “a full-suite experience for crypto buying with the new feature,” which will allow customers to “learn to use crypto, cash in with their wallets, buy and sell coins, and spend their crypto earnings, all through their PayMaya accounts.”

Shailesh Baidwan, president of PayMaya commented:

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.

Backed by Tencent, KKR, and IFC, PayMaya has emerged as a widely used financial services provider which has been approved by the Central Bank of the Philippines. In this context, it is also a crucial fact to note that the nation of the Philippines has confirmed the launch of a central bank digital currency, or CBDC.

Numerous coins supported

Numerous coins will be supported by the PayMaya application, which includes “Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether,” and as per TechAsia, more coins will be added to the platform for the users’ convenience. Another benefit for users is that the customers will be able to buy and sell coins with “no extra cash in and cash-out fees.”

On the other hand, as of December-end 2022, the platform has around 44 million users, which aims to bring crypto exposure to this huge user base in the coming days. Setting aside PayMaya, even the Union Bank of the nation brought crypto trading services to users.

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