Editor’s Note: This press release is sponsored by PayMaya and handled by BrandRap, Rappler’s sales and marketing arm. No member of the editorial and news team was involved in the publication of this article.
Cryptocurrency ownership and use in the Philippines has grown exponentially in recent years. According to data from the Statista Global Consumer Survey, three out of ten Filipino respondents mentioned owning or using a digital currency. But as more people begin to immerse themselves in cryptocurrencies, many still find the concept and process of owning a virtual currency daunting.
For many users, crypto can be challenging. Typically, you need to download and sign up for a crypto account and go through a verification process. You must also have a bank account or e-wallet app as a source of funds.
PayMaya, a BSP-licensed Virtual Asset Service Provider (VASP), designed its crypto feature to make the user experience simpler, bringing an all-in-one experience to budding crypto investors.
This all-in-one crypto experience allows customers to buy, sell and hold cryptocurrencies, and even spend their earnings in one app. With a simple and easy to navigate interface, anyone can start buying and selling cryptocurrencies. They can even own their share of the crypto universe for as little as P1.
PayMaya users only need to update their accounts to start trading. This can be done in just minutes with a valid ID and video selfie. Once this is done, users can start their crypto journey.
The e-wallet currently offers the two major digital assets, Bitcoin (BTC) and Ethereum (ETH), as well as popular altcoins and tokens Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT ), Polkadot (DOT), Polygon (MATIC), and Tether (USDT). According to reports, there will be more soon.
If you’re looking to trade your first crypto currency with PayMaya, here’s how to do it:
How to buy crypto:
1. Tap “Crypto” on the PayMaya home page.
2. Tap “Buy” at the bottom of the screen, then select the desired cryptocurrency.
3. Enter the desired amount of Philippine Pesos (PHP) you wish to spend. You will see the value of the equivalent cryptocurrency based on an estimated market price. Then tap “Next” at the top right of the screen.
4. A Confirm Purchase tab will appear. In this tab, you will see the amount in PHP that you will spend and the amount of cryptocurrency that you will receive through this transaction. Once you agree to the details, you can confirm your purchase and swipe to checkout.
How to sell cryptocurrencies:
1. Tap “Crypto” on the PayMaya home page.
2. Tap “Sell” at the bottom of the screen, then select the desired cryptocurrency.
3. Select a percentage value to sell a part of your current asset. You will see the equivalent PHP value based on an estimated market price. Then tap “Next” at the top right of the screen.
4. A Confirm Sale tab will appear. In this tab, you will see the amount of cryptocurrencies that you will sell and the amount of PHP that you will receive through this transaction. Once you agree to the details, you can confirm your purchase and swipe to sell.
PayMaya developed this feature under its Invest platform in connection with Coinbase Institutional. Coinbase is the world’s largest publicly traded crypto company and the trusted bridge to the crypto economy. Coinbase Institutional offers a comprehensive suite of products and services, including custody, prime brokerage, trading tools, analytics, and a business infrastructure built on a strong security platform. Coinbase Institutional provides the scale and stability needed to successfully participate in the crypto economy.
The PayMaya ecosystem has a strong track record of security and reliability, with an app uptime record of 99.9%. It also offers a beginner-friendly experience that comes with in-app tutorials, step-by-step guides on how to buy or sell cryptocurrencies, and the latest relevant cryptocurrency news.
More importantly, the experience is completely seamless: getting paid is easy at the eWallet’s more than 110,000 national touch points, with more than 90,000 of these points of sale providing the service for free.
Once you can sell your crypto in the app, your earnings can also be used to pay bills, buy cargo, buy online or in-store, or get paid via real-time bank transfers, all in one app. .
With this seamless experience, PayMaya is the easiest way to start your crypto journey.
PayMaya is the only end-to-end digital payment ecosystem enabler in the Philippines, with platforms and services that span consumers, merchants, communities, and government. It provides more than 44 million Filipinos with access to financial services through its consumer platforms. Its Smart Padala by PayMaya network of more than 63,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, bringing access to digital services to the unbanked and underserved.
Through its enterprise business, it is the largest digital payment processor for key industries in the country, including “everyday” merchants such as the largest retail, food, gas and e-commerce merchants, as well as agencies and government units. To learn more about PayMaya products and services, visit paymaya.com or follow @PayMayaOfficial on Facebook, Twitter and Instagram. –Rappler.com