PayMaya Says Crypto Becomes Popular With Younger Filipinos

PayMaya: “We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino.”

PAYMAYA — The mobile wallet company said that cryptocurrency or crypto has become popular with digital-first younger Filipinos.


Manila Bulletin reported that cryptocurrency ownership and usage in the country have grown exponentially from 2019 to 2021. According to Statista Global Consumer Survey, nearly 3 out of 10 Filipinos either owned or used a digital coin and the country ranked 3rd in a list of 56 using cryptocurrencies.

Bangko Sentral ng Pilipinas (BSP) said that transactions in virtual currency, including cryptocurrency, jumped by 71% to almost PHP 106 billion in the first half of 2021, compared to PHP 62.12 billion in the previous year.

PayMaya President Shailesh Baidwan said that the company made cryptocurrency an integrated feature in its e-wallet app.

We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino,” Baidwan stressed.

Photo source: Manila Bulletin

Based on the report, Filipino users can buy and earn digital assets, such as Ethereum and Bitcoin, for as low as P1 through Paymaya’s all-in-one finance app.

READ ALSO: GCash Offers Fast, Secure Ways To Buy Cryptocurrency

Earning and buying cryptocurrency can be challenging for consumers because of the need to use multiple apps with separate registration processes and experiences. With PayMaya’s e-wallet app, the user doesn’t need to register for another account, apply for an upgrade, or use another app.

Meanwhile, GCash enables users to conveniently buy cryptocurrency at very affordable rates across PDAX, Binance, and Paxful. GCash President and CEO Martha Sazon said that it’s vital for financial institutions to keep up with the trends and customers’ preferences.

At GCash, we are doing just that to further enhance the customers’ experience and enable them to power up their finances for better lives,” Sazon said.

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