(L-R) Rahul Shinghal, General Manager for Southeast Asia, PayPal; Edmon Joson, Head of Product, PayMaya; Abhinav Kumar, Head of Strategic Partnerships for Southeast Asia, PayPal; Paolo Azzola, co-COO and Managing Director, PayMaya; Benjie Fernandez, co-COO at PayMaya, and COO at Voyager Innovations.
PayMaya, the country’s leading digital financial services provider and PayPal, a global leader in digital payments, today announced their collaboration to provide online businesses in the Philippines with a more convenient way to withdraw funds. Filipinos who have conducted their business transactions through their PayPal accounts are now able to more quickly withdraw the available balance in their PayPal account by linking their PayPal accounts directly to their PayMaya accounts.
With PayPal’s global reach in more than 200 countries, many freelancers and online businesses in the Philippines rely on PayPal as a means to receive payment from overseas transactions. This is especially so for freelancers and micro businesses, where setting up a business bank account may be difficult. Traditionally, funds from a PayPal account are withdrawn through a bank account but now, it is made easier and more convenient with PayMaya.
Using PayMaya to exit for PayPal funds instead of bank accounts is more efficient. With PayMaya, there is no need to travel to financial institutions, fall in long lines, answer forms, and secure a minimum initial deposit. All they need to do is download the PayMaya app from the Google Play or the App Store to have an instant virtual Visa card which they can immediately use for transactions including PayPal transfers.
Linking a PayMaya account to a PayPal account is easy. Users just need to go to ‘Banks and Cards’ on the PayPal website and choose ‘Link a Card’. They will then need to enter their PayMaya virtual or physical card information and ensure that their PayPal address matches that of their PayMaya account
[1].
“Freelancers and online entrepreneurs are at the forefront of the digital global economy. By making fund transfers more affordable and convenient, we are making it easier for more Filipinos to capitalize on the opportunities presented by digital. We are happy to collaborate with PayPal as this initiative solves a major pain point experienced by our digital workforce,” said Orlando Vea, President and CEO at PayMaya Philippines and Voyager Innovations.
“Being a leading digital payments company, PayPal is always looking to provide an easier and safer way for people to move and manage their money. For freelancers and micro businesses, where cash flow and immediate access to payments and funds are critical to keep their business moving, our collaboration with PayMaya now provides them another option by which they are able to choose how they want to retrieve their money. This adds to the convenience already offered by PayPal,” said Rahul Shinghal, PayPal’s General Manager for Southeast Asia.
As part of the launch, from September 22 to December 21, 2016, users will enjoy 80 percent off PayPal’s withdrawal fee when they transfer their available PayPal balance to their PayMaya account
[2]. When the transfer is complete, users can withdraw their fund at any Bancnet ATM through their PayMaya card. They can also use their PayMaya app or card to shop at any Visa-accepting store here and abroad. For more details about the promo and for the step-by-step guide on how to make PayPal-to-PayMaya fund transfers, visit
paymaya.com/paypal-for-freelancers.
[1] Please refer to fact sheet at Appendix.
[2] PayPal will charge its standard withdrawal fee during the fund transfer. PayMaya will credit the discount back to their PayMaya account within three (3) business days.