PayMaya Philippines Inc. said its users can now send money to over 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,” said PayMaya president Shailesh Baidwan.
“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,” he added.
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 percent by the year 2020, under the National Retail Payment System.
Earlier, PayMaya said it expected transaction volume to reach by 2023 as e-wallet account penetration was growing faster in the Philippines.