Editing by Nathaniel Cajuday and Michael Mislos
Filipinos can now buy crypto directly with Philippine Peso and pay with their GCash, Maya, GrabPay, BPI, Union Bank, ShopeePay, debit cards, or credit cards, thanks to web3 onboarding infrastructure provider Transak.
According to Transak, any fintech company can enable this feature by integrating the firm’s fiat on-ramp widget. This solution is also available to companies and web3 platforms interested in expanding to Southeast Asia.
The infrastructure provider is also already integrated with Metamask, Ledger, Trust Wallet, BitYard, Decentraland, Zed Run, Splinterlands, and other web3 apps.
According to 2C2P’s research, GCash and Maya together accounted for roughly 90% of the country’s market for digital payments. As for the adoption of cryptocurrencies, the Philippines is ranked among the top 10.
According to the July 2022 study of Australian-based financial technology website, Finder, the Philippines is ranked number 10 in terms of crypto adoption index, where 16% of Filipinos own crypto, that is about 18.5 million Filipinos.
However, according to Transak, onboarding Filipinos to cryptocurrencies is still a challenge despite this data.
“There is no bigger problem in crypto than the complexity with onboarding. We are working everyday with our partners to make onboarding more easier and seamless for mainstream adoption. We see a great potential for adoption in the Philippines and the Southeast Asian region and with Transak enabling these new payment methods, we hope more and more users can benefit from,” said Yeshu, Co-founder and chief technology officer (CTO) of Transak.
Meanwhile, in the region alone, Transak said crypto enthusiasts typically purchase cryptocurrencies via peer-to-peer (P2P) method which takes longer to process and provides less protection for the user and merchant.
Transak claims to be the only fiat-on-ramp in the region with its recent expansion to the Philippines, saying that it sees the country’s potential due to the number of local payment options. The company recently enabled local payment methods in Thailand in July 2022.
“Local payment solutions are especially essential for the Philippines market. With Transak adding these new payment methods, the conversion rate of our Filipino users has increased significantly as we see an increased sense of investor confidence in comparison to the traditional P2P methods,” Nissa Li, Head of Growth at BitYard, stressed.
An earlier report indicated that the Philippines has the third-highest number of Metamask users worldwide. (Read More: Philippines Rank Third in Most Number of MetaMask Users in Q1 2022)
On the other hand, Transak said that it is also looking forward to tackling more onboarding issues in the space and providing additional opportunities both for its users and partners.
Transak, a web3 onboarding infrastructure provider, is known for its API-driven solutions that enable web3 platforms to onboard users to more than 130 crypto assets from more than 125 countries.
Transak also reiterated that its On-Ramp widget can be integrated into any app with just a few lines of code. It is backed by top venture capital investors (VCs) including Consensys, and Animoca Brands.
This article is published on BitPinas: Transak Merges with Fintech Firms, Banks to Offer Crypto
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.