PayMaya, PayPal team up to help online businesses

MANILA, Philippines - The digital financial services arm of PLDT Inc. has partnered with global digital payments leader PayPal to enable freelancers and online businesses in the Philippines to conveniently withdraw their PayPal funds. 

Through the partnership, PayMaya Philippines Inc. said Filipinos who get payments for their work via PayPal accounts would be able to quickly withdraw the funds by linking it directly to their PayMaya accounts. 

PayMaya, a product of PayMaya Philippines, is the first prepaid online payment app that enables users, including those without credit cards, to pay online.

Given 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. 

Traditionally, funds from the PayPal account are withdrawn through a bank account. 

The partnership makes withdrawal of PayPal funds easier as there is no need for individuals to travel to a bank, line up, answer forms, and secure a minimum initial deposit.

With the partnership, an individual would just need to download the PayMaya app from Google Play or App store to get an instant virtual Visa card which can be used for transactions including PayPal transfers. 

To link the PayMaya and PayPal accounts, users simply have to go to ‘Banks and Cards’ on the PayPal website and choose ‘Link a Card’, then enter the PayMaya information and ensure the PayPal address matches the 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 Inc.

Rahul Shinghal, PayPal’s general manager for Southeast Asia, said the partnership is in line with the firm’s intent to make it easier for individuals 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,” he said.

To promote the partnership, users will enjoy 80 percent off on PayPal’s withdrawal fee when they transfer their available balance to their PayMaya account until Dec.21. 

Once the transfer is complete, users can withdraw their fund at any Bancnet automated teller machine through their PayMaya card.

Individuals can also opt to use the transferred funds to shop online or at any Visa-accepting store here and abroad.