Filipinos Can Buy Crypto Using GCash, Maya & Grab via Transak

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Transak

Transak Allows Filipinos to Buy Crypto

Transak, one of the world’s most prominent Web3 onboarding infrastructure providers, partnered with local e-wallets in the Philippines to allow Filipinos to buy crypto using GCash, Maya, Grab, & Shopee.

According to the company’s announcement, Filipinos can purchase cryptocurrencies directly using the Philippine peso. They can make payments through various platforms such as GCash, Maya, GrabPay, BPI, Union Bank, ShopeePay, debit cards, or credit cards.

Fintech companies can easily enable this functionality by integrating Transak’s fiat on-ramp widget, and it is also accessible to companies and web3 platforms interested in expanding their services to Southeast Asia.

Image source: Transak official website

Transak has already integrated with popular web3 applications like Metamask, Ledger, Trust Wallet, BitYard, Decentraland, Zed Run, Splinterlands, and others, making it a versatile solution for crypto enthusiasts in the region.

Metamask also confirmed the news about their integration through various payment options in the Philippines using Transak, as they posted the announcement on their official Twitter account. Transak is already integrated as an on-ramp to Hive-Keychain, one of the most popular mobile wallet and browser extensions in the Hive ecosystem.

Image source: Metamask announcement on Twitter

GCash & Maya Dominates the Philippines e-Wallets

GCash and Maya, according to research by 2C2P, constitute approximately 90% of the digital payments market in the Philippines. Additionally, the Philippines is among the top 10 countries in cryptocurrency adoption, with about 16% of Filipinos owning cryptocurrencies, totaling around 18.5 million individuals, according to a July 2022 study by the Australian-based financial technology website Finder.

Crypto Onboarding Challenge

Despite the growing interest in cryptocurrencies, Transak recognizes that onboarding Filipinos to the world of digital assets remains a challenge due to its inherent complexity. The company is committed to simplifying the onboarding process to facilitate mainstream adoption.

Transak believes in the potential for cryptocurrency adoption in the Philippines and Southeast Asia, and with the introduction of new payment methods using GCash, Maya, and other Philippine-based e-wallets, they aim to make it more accessible to users.

In contrast to traditional peer-to-peer (P2P) methods commonly used by crypto enthusiasts in the region, Transak claims to be the only fiat-on-ramp service with its expansion into the Philippines.

They see the country’s potential due to the availability of various local payment options and have already introduced similar payment methods in Thailand in July 2022. This has increased user confidence and higher conversion rates, as users prefer the convenience and security offered by Transak over P2P methods.

Transak’s efforts are particularly relevant as the Philippines boasts the third-highest Metamask users worldwide. The company is dedicated to addressing onboarding challenges in crypto and creating more opportunities for its users and partners.

Transak, recognized for its API-driven solutions, empowers web3 platforms to onboard users to over 130 cryptocurrencies from more than 125 countries.

Furthermore, Transak emphasizes the ease of integration, requiring only a few lines of code to add its On-Ramp widget to any application. The company has received backing from prominent venture capital investors, including Consensys and Animoca Brands.

Disclaimer: PhilNews.xyz articles and their external content are not financial advice but are only used for educational purposes. Always Do Your Own Research (DYOR) first. Reporting is not endorsing, we are here to deliver unbiased news with less intrusive ads.

Ed Umbao

Founder of PhilNews.xyz | co-Founder of PhilNews.ph

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