More Filipino freelancers and online businesses are now reaping the opportunities of the digital economy with the recent forging of a landmark collaboration between PayMaya and PayPal, a global leader in digital payments, to make it more convenient for them to withdraw their PayPal funds using PayMaya.
The two payment enablers launched a promo in September where users can enjoy 80 percent off PayPal’s withdrawal fee when they transfer their available PayPal balance to their PayMaya accounts until December 21st. 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 online and physical store and abroad that accepts Visa payments.
Many freelancers such as graphic artists, developers, writers, digital marketers, content creators, and business owners in the Philippines receive work from outside the country. As they are paid in various currencies, they rely on PayPal to receive payment from overseas. Creating a PayPal account is ideal especially for markets where setting up a bank account may be difficult. Traditionally, funds from a PayPal account are withdrawn through a bank account but now, it is made easier and more convenient with PayMaya.
“I receive payments from my clients overseas using PayPal and I am glad with the many benefits that come with linking it to my PayMaya account. I don’t have to experience the hassle of withdrawing my funds through other financial touch points, which require me to travel farther and wait long. Wherever I need money, I just go to any Bancnet ATM and withdraw instantly using my PayMaya physical card,” said Catherine Quiambao, freelancer and founder of the blog, freelancing.ph.
Using PayMaya to withdraw PayPal funds 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 is to 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 online purchases, bills payments, and PayPal transfers. Securing a PayMaya card is also convenient as users just need to do it online via PayMaya’s official website www.paymaya.com or the online marketplace Takatack free of delivery charges nationwide.
“I rely on my PayPal funds for a lot of my basic needs. Since I can now link my PayPal to my PayMaya account, I can now directly pay my bills using the Pay Bills feature of my PayMaya app without taking time off, at the convenience of my home,” said Chino Chow, a Baguio-based DJ at K-Lite radio station and a freelance graphic artist.
The Philippines is marked 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 five percent of the country’s work force is registered as online outsourcing workers.
Freelancing presents various opportunities to both employers and workers. For businesses, the online outsourcing economy allows them to save resources such as space and operational costs. Freelancers, on the other hand, enjoy a more flexible workplace arrangement, pursue work-life balance, and focus on the work that matches their interest or lifestyle. However, they are also challenged with a number of issues including those related to payment platforms.
“At Voyager Innovations, we are committed to improving the lives of our users including freelancers and entrepreneurs by providing hassle-free, efficient, and reliable financial innovations like PayMaya. Our digital workforce drives the economy and they deserve a convenient channel to access their hard-earned funds. Our collaboration with the global payment leader PayPal aims to break platform barriers hindering our independent earners from realizing their full potential whether as a working individual or an online business,” said Orlando Vea, President and CEO at PayMaya Philippines and Voyager Innovations.
“PayPal has always been a strong supporter of freelancers and MSMEs, not just in helping them gain access to the 200+ markets via our global platform, but also through building relevant partnerships and collaboration that will make it easier and safer for them to move and manage their money. Our collaboration with PayMaya is a clear example of this. 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, General Manager for Southeast Asia, PayPal.
The PayPal collaboration is among the growing initiatives being pushed by PayMaya Philippines to further grow the use of digital financial services in the Philippines. The PayMaya app remains the number one financial app in the Play Store in the Philippines, posting over 260 percent year-to-date growth in users and with thoroughput volume for the third quarter more than double the previous quarter. Most recently, PayMaya was recognized as the world’s best online payments solution by the Emerging Payments Awards.