PayMaya Adds Crypto Feature to Its App

PayMaya Adds Crypto Feature to Its App
  • PayMaya has added the crypto feature into its app.
  • The company obtained its VASP license in January 2022.
  • Users can now buy and sell crypto on PayMaya.

Philippines-based major fintech company PayMaya has reportedly introduced a cryptocurrency feature by means of its all-in-one finance app experience. This feature allows users to buy and earn digital assets.

Making financial services like cryptocurrency more attainable to the public is part of the company’s drive to go beyond payments. Bangko Sentral Pilipinas (BSP) has licensed PayMaya with both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP).

With this new feature, users don’t have to use an additional app, make any upgrades, or register for an extra account. Specifically, customers with a PayMaya account can now discover how to use crypto, buy and sell coins, cash in through their wallets, and spend their crypto earnings.

The company is taking the progress of its new feature one step at a time. At the time being, PayMaya app offers popular coins and tokens such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT). These coins and tokens are now available to be traded in the app and more will be added soon.

Advanced PayMaya users can access leading crypto straight from their PayMaya wallet in Philippine Pesos (PHP). Users can also harmoniously buy and sell crypto at any time with no extra deposit and withdrawal fees.

In January 2022, PayMaya obtained its VASP license from Bangko Sentral ng Pilipinas (BSP). Specifically, this is the central bank of the Philippines. As defined by the BSP Circular No. 1108 on Guidelines for Virtual Asset Service Providers, a VASP is an organization that provides services or takes part in tasks “that provide facility for the transfer or exchange of virtual assets.”

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