The new offering is part of the company’s overall thrust to go beyond payments by making financial services like crypto more accessible to the public. PayMaya is both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP), licensed by the Bangko Sentral Pilipinas (BSP).
With this development, there is no need to register for another account, apply for an upgrade, or use another app. Customers can learn to use crypto, cash into their wallets, buy and sell coins, and spend their crypto earnings, all in their PayMaya account.
Upgraded PayMaya users can trade in a variety of the most popular coins directly from their PayMaya wallet in Philippine Pesos. They can also seamlessly buy and sell crypto anytime with no extra cash in and cash out fees. The feature is fully integrated into the app experience, providing convenience at the back of its secure platform and 99.9% app uptime rate.
PayMaya is currently rolling out the feature progressively to its base. Aside from Bitcoin and Ethereum, other popular coins and tokens available for trading in the PayMaya app are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT), with more coming soon.
PayMaya secured its VASP license from the Bangko Sentral ng Pilipinas (BSP) in January 2022. A VASP is an entity that offers services or engages in activities ‘that provide facility for the transfer or exchange of virtual assets’, as defined by the BSP Circular No. 1108 on Guidelines for Virtual Asset Service Providers.