PayMaya partners with banks to expand ‘Add Money’ channels
PayMaya Philippines, the digital financial services arm of PLDT, has launched a new money channel, InstaPay, in a bid to boost thr country’s digital payments.
Through InstaPay, account holders of PayMaya can now easily transfer amounts of up to P50,000 from their bank accounts and receive them in real time to their PayMaya accounts anytime and any day of the week.
Among the banks initially covered by this initiative are Asia United Bank, BDO, China Bank, Chinabank Savings, Equicom Savings Bank, Security Bank, and UnionBank.
More bank and non-bank partners will be added in the coming months as they get accredited by the Bangko Sentral ng Pilipinas (BSP) to be part of InstaPay.
PayMaya is one of the first two electronic money issuers (EMI) in the country that is able to receive money transfers from these banks, allowing for a seamless and more convenient money transfer electronically to PayMaya accounts nationwide.