Monday, July 15, 2024

PayMaya and PayPal tie-up eyes freelancers, online entrepreneurs

Digital financial company PayMaya and global payments firm PayPal have announced their collaboration to provide freelancers and online businesses in the Philippines with a convenient way to withdraw their PayPal funds.

Photo shows (L-R) Rahul Shinghal, general manager for Southeast Asia, PayPal; Edmon Joson, head of product at PayMaya; Abhinav Kumar, head of strategic partnerships for Southeast Asia, PayPal; Paolo Azzola, co-COO and managing director at PayMaya; Benjie Fernandez, co-COO at PayMaya, and COO at Voyager Innovations
Photo shows (L-R) Rahul Shinghal, general manager for Southeast Asia, PayPal; Edmon Joson, head of product at PayMaya; Abhinav Kumar, head of strategic partnerships for Southeast Asia, PayPal; Paolo Azzola, co-COO and managing director at PayMaya; Benjie Fernandez, co-COO at PayMaya, and COO at Voyager Innovations

Filipinos who have conducted their business transactions through their PayPal accounts are now able to withdraw the available balance in their PayPal account by linking it 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Traditionally, funds from a PayPal account are withdrawn through a bank account but now, it is can be made with PayMaya.

Using PayMaya to withdraw 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.

To link a PayMaya account to PayPal, 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.

?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.

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.

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.

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