Account holders of PayMaya can now send money in real-time to more than 40 local banks and financial institutions that can receive money via InstaPay.
“This new feature will definitely make it easier for PayMaya account holders to manage their money conveniently. Whether they’re sending money to an online seller or transferring money from one of their bank accounts to another, everything is instant and seamless with PayMaya’s new ‘Send Money to Bank’ feature,” said Shailesh Baidwan, president of PayMaya.
To transfer funds, PayMaya users can just go the app and pick “Send Money” the select “To Bank Account”. In the next screen, they can choose the bank or financial institution they’ll be sending money to, put in the amount they want to send, and fill in all the important details of the recipient.
As of now, PayMaya is not charging any transaction fees for the service until further notice.
The new feature is also in accordance with the efforts of the Bangko Sentral ng Pilipinas to increase the percentage of digital transactions in the country to 20% by the year 2020, under the National Retail Payment System (NRPS).