Transak offers most of the payment methods to facilitate crypto purchases for the Philippines
Transaction, a leading provider of Web3 onboarding infrastructure, launches local payment methods in the Philippines. This solution is open equally to individual users and Web3 platforms interested in expanding to Southeast Asia. While users can buy crypto directly with PHP (Philippine peso) and pay with GCash, Maya, GrabPay, BPI, Union Bank, ShopeePay or debit/credit cards, Web3 platforms can integrate Transak’s fiat-on-ramp widget into their apps and expand to new regions.
In accordance independent research made by 2C2P, GCash and Maya together accounted for approximately 90% of the total digital payment market in the Philippines. Ranking among the top 10 for cryptocurrency adoption, the Philippines reportedly has over 11 million inhabitants to own crypto. Despite this staggering number, the experience of onboarding and buying crypto in the Philippines is far from ideal.
Until now, most purchases in the region have taken place via the traditional P2P method. Such an approach resulted in longer processing times and weaker security for both parties. Transak decided to expand into the Philippine market by adding GCash and Maya payment methods to their infrastructure, to make crypto purchases easier and direct with fiat.
“There is no bigger problem in crypto than the complexity of onboarding. We work every day with our partners to make onboarding easier and seamless for mainstream adoption,” said Yeshu, co-founder and CTO of Transak
He adds, “We see great potential for adoption in the Philippines and the SEA region, and with Transak enabling these new payment methods, we hope more and more users can take advantage.”
Since their recent expansion into the Philippines, Transak has become the only fiat-on ramp in the region with so many local payment methods and the fiat-on ramp with the most payment methods in the world. The company’s success in the Philippines is not the only one in the Southeast Asia (SEA) region. Back in July 2022, Transak activated local payment methods in Thailand.
These important milestones come as part of the provider’s efforts to make Web3 more accessible across Southeast Asia, a market that is seeing increasing crypto adoption and rapid growth of Play to Earn (P2E) gaming. While many Web3 projects slowed operations due to the crypto winter, the gaming industry continues to boom. Transak, also recently backed by Animoca Brands, is partnering with the gaming giant to support several P2E projects and facilitate end-user introduction to Web3.
Transak is already integrated with MetaMask, Ledger, Trust Wallet, BitYard, Decentraland, Zed. run, Splinterlands and many more leading Web3 apps looking to expand into new regions. By partnering with the major players in the market, Transak helps Web3 platforms expand to more regions, saving development time and resources.
Nissa Li, Head of Growth at BitYard mentions how these local methods help them bring in more users, “Local payment solutions are especially important for the Philippine market. With Transak adding these new payment methods, the conversion rate of our Filipino users has increased significantly as we see an increased sense of investor confidence compared to the traditional P2P methods.
Transak looks forward to tackling more onboarding issues in the space and providing more opportunities both for their users and partners.
About Transak
Transak is a leading provider of Web3 onboarding infrastructure. Its API-driven solutions enable web3 platforms to onboard users to 130+ cryptoassets from 125+ countries, abstracting away the complexities of user KYC, risk monitoring and compliance, payment methods and customer support. Transak’s On-Ramp widget can be integrated into an app in just a few lines of code. Backed by top VCs including Consensys and Animoca Brands, Transak graduated from the Tachyon accelerator program.
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Disclaimer: This is a paid post and should not be treated as news/advice.
