Want some Bitcoin? PayMaya says users can buy, sell crypto with new feature

MANILA - PayMaya users can now buy and earn from digital assets such as Bitcoin and Ethereum as the platform rolls out its cryptocurrency feature, the fintech said Wednesday.

Using the PayMaya app, Filipinos can now buy these crypto assets for as low as P1, the company said in a statement.

There is no need to register for another account since users can learn to use crypto, cash in, buy and sell coins and spend their earnings all in the PayMaya account, it said.

Buying and selling crypto can be done anytime "with no extra cash-in and cash-out fees," PayMaya said.

Upgraded PayMaya users can trade directly from their PayMaya wallet, it added.

"We see the rise in popularity of crypto, especially among our digital-first younger users. With the PayMaya e-wallet already a part of their everyday life for daily purchases and transactions, our customers now want to be able to buy and earn crypto smartly and seamlessly. That is why we are making it an integrated feature in our e-wallet app," PayMaya president Shailesh Baidwan said.

PayMaya said it is currently rolling out the feature "progressively."

Aside from Bitcoin and Ethereum, other coins and tokens including Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT) are also available on the app.

Crypto use in the country has grown, according to the data by Statista Global Consumer Survey.

The BSP earlier said virtual currency transactions in the country rose by 71 percent to almost P106 billion in the first half of 2021.

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