With the rise of cryptocurrencies (crypto) like Bitcoin – which has been continuously gaining popularity since 2008, and Ethereum — which boomed in 2014, more and more people are getting the courage to try gaining virtual assets. But first, what is crypto anyway? According to Kaspersky, it’s “a digital payment system that doesn’t rely on banks to verify transactions.” Instead, it’s being monitored via peer-to-peer networks that people call “blockchain”. This enables faster money transfers but at the same time, price volatility is present. Although it sounds like the future of finance, it can be challenging for not-so-techy people to dip their toes in the world of virtual assets at the moment, so e-wallet brand PayMaya is coming to the rescue.
PayMaya recently launched its crypto feature through its all-in-one finance app experience, enabling Filipinos to easily buy and earn digital assets such as Bitcoin and Ethereum for as low as ONE PESO. Other popular coins and tokens available for trading are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT), with more coming soon.
Usually, you need to download and register for a crypto account and subject yourself to a verification process. You also need to have a bank account or e-wallet app as a fund source. However, with PayMaya, there is no need to register for another account, apply for an upgrade, or use another app if you already have an existing verified account. All you need to have is an upgraded PayMaya account to start trading in a variety of the most popular coins directly from your PayMaya wallet in Philippine Pesos. You can also seamlessly buy and sell crypto anytime with no extra cash in and cash out fees.
IS IT SAFE TO USE PAYMAYA?
PayMaya is both an Electronic Money Issuer (EMI) and Virtual Asset Services Provider (VASP), licensed by the Bangko Sentral ng Pilipinas (BSP). With PayMaya’s strong track record of security and reliability with its 99.9% app uptime, I would like to believe that we can enjoy safe and legitimate crypto transactions in-app. I have been using PayMaya for years now and I haven’t experienced security concerns yet.
PayMaya developed this feature under its Invest platform in connection with Coinbase Institutional — the largest publicly traded crypto company in the world and the trusted bridge to the crypto-economy. Coinbase Institutional offers a comprehensive suite of products and services including custody, prime brokerage, trading tools, and analytics, and an enterprise infrastructure built on top of a robust security platform.
HOW TO START MY CRYPTO JOURNEY?
PayMaya has tutorials and in-app guided content for crypto buying, selling, holding, and even how to cash out your earnings. To start buying crypto on your PayMaya app, simply:
- Tap Crypto on the PayMaya homepage.
- Tap Buy on the bottom of the screen, then select the desired cryptocurrency.
- Input the desired Philippine Peso (PHP) amount you want to spend. You will see the equivalent cryptocurrency value based on an estimated market price. Then, tap Next on the upper right hand of the screen.
- A Confirm Purchase tab will pop up. On this tab, you will see the amount in PHP you will be spending and the amount of cryptocurrency you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to buy.
Once you purchase your desired cryptocurrency, the amount will reflect on your app’s Crypto page. There you have it – you’re now officially into crypto!
HOW TO SELL CRYPTO VIA PAYMAYA?
- Tap Crypto on the PayMaya homepage.
- Tap Sell on the bottom of the screen, then select the desired cryptocurrency.
- Select a percentage value to sell a part of your currently owned asset. You will see the equivalent PHP value based on an estimated market price. Then tap Next on the upper right hand of the screen.
- A Confirm Sale tab will pop up. On this tab, you will see the amount of cryptocurrency you will be selling and the amount of PHP you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to sell.
You will automatically receive your earnings on your PayMaya wallet. Simply go to your app’s home screen and check the amount. Once you receive the amount, you can choose to use it for your everyday transactions with PayMaya or transfer it to your bank account instantly.
Still having a hard time understanding crypto terminologies? Check out PayMaya’s Crypto Glossary before getting started!