With more Filipino freelancers and businesses now reaping the opportunities of the digital economy, digital financial services provider PayMaya and digital payments player PayMaya formed a partnership that will allow users to withdraw their PayPal funds using PayMaya.
From left: Rahul Shinghal, General Manager, PayPal Southeast Asia; Paolo Azzola, co-COO and Managing Director, PayMaya Philippines; Abhinav Kumar, Head of Strategic Partnerships, PayPal Southeast Asia; Catherine Quiambao, freelancer and founder of Freelancing.ph; Chino Chow, Baguio-based DJ at K-Lite radio station and a freelance graphic artist; and Benjie Fernandez, co-COO of PayMaya Philippines and COO of Voyager Innovations
This is not the first time the two partnered. Earlier in September, the two offered a promo that gave users 80% discount from PayPal’s withdrawal fee when they transfer their available PayPal balance to their PayMaya account until December 21. When the transfer is complete, users can withdraw their funds at any Bancnet ATM through their PayMaya card. They can also use their PayMaya app or card to shop at any online and physical store that accepts Visa.
“PayPal has always been a strong supporter of freelancers and MSMEs, not just in helping them gain access to the (more than) 200 markets via our global platform, but also through building relevant partnerships and collaborations that will make it easier and safer for them to move and manage their money…Through our years of working with freelancers and micro businesses, we understand the need for them to gain immediate access to payments and funds. This collaboration with PayMaya will provide them with another option to retrieve their money, and build on the convenience already offered by PayPal,” said Rahul Shinghal, GM for Southeast Asia, PayPal.
The Philippines is considered as the country with the largest number of freelancers in relation to country population, followed by India, USA, Bangladesh, and Pakistan. According to a World Bank Study released in June 2015, almost 5% of the country’s work force is registered as online outsourcing workers.
Many of these freelancers are paid in various currencies, so they rely on PayPal as a means to receive payment from overseas. Now, with PayMaya (which they can download from the Google Play or the App Store), they can have an instant virtual Visa card that they can use.
For more information, visit www.paymaya.com.
