The Philippines is one of the recent high adopters of crypto in Southeast Asia, ranked 3rd in 56 countries, with three out of 10 Filipinos owning or using digital currency. The Central Bank data shows that in the first half of 2021, crypto transaction volumes increased by 362 percent year-on-year, reaching $20 million. It was estimated that over 4.3 million people, or around four percent of the Philippines’ total population, currently own cryptocurrency.
According to a Tech in Asia report, Filipino financial technology (fintech) platform PayMaya, together with Coins.ph, Gcash, and Pesopay, among the largest online and mobile payment providers in the country, introduced a new feature allowing users to buy, trade, cash in and spend cryptocurrencies using their accounts within the app for free.
In a first for the Philippines, the feature allows users to trade a variety of coins directly from their PayMaya wallets.
Through its all-in-one finance app experience, PayMaya said it enables Filipinos to buy and earn digital assets like Bitcoin and Ethereum easily. Other tokens available for trading on this platform include Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC) and Tether (USDT), with more to be added soon.
Users of this platform can buy and sell crypto anytime with no extra cash-in and cash-out fees and will be integrated into users’ main PayMaya account, so it will not require a separate registration on crypto exchanges, creating a wallet or going through a Know-Your-Customer process.
Maierbrugger, A. (2022). Popular Philippine digital payment provider adds crypto option. [online] Investvine. Available at: https://investvine.com/popular-philippine-digital-payment-provider-adds-crypto-option/ [Accessed 12 Apr. 2022].
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