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Transak offers the most payment methods to ease crypto purchases for the Philippines

Transak offers the most payment methods to ease crypto purchases for the Philippines

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Event, a leading provider of Web3 startup infrastructure, launches local payment methods in the Philippines. This solution is open to both individual users and Web3 platforms interested in expanding into Southeast Asia. While users can buy crypto payments 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 applications and extend new areas.

By independent research 2C2P, GCash and Maya together accounted for about 90% of the total digital payment market in the Philippines. The Philippines is said to be in the top 10 for cryptocurrency adoption more than 11 million inhabitants owns crypto. Despite this staggering amount, the experience of doing encryption and buying crypto in the Philippines is far from ideal.

Until now, most purchases in the region have been made using the traditional P2P method. Such an approach resulted in longer processing time and lower data security for both parties. Transak decided to expand into the Philippine market by adding GCash and Maya payment methods to its infrastructure to make crypto purchases easier and directly with Fiat.

“There is no bigger problem with crypto than deployment complexity. We work every day with our partners to make deployment easier and seamless for mainstream adoption,” said Yeshu, founder and CTO of Transak.

He adds, “We see great potential for adoption in the Philippines and SEA, and we hope that Transak will adopt these new payment methods and we hope that more and more users can benefit.”

After its 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 unique to the Southeast Asia (SEA) region. In July 2022, Transak introduced local payment methods in Thailand.

These important milestones are part of the service provider’s effort to make Web3 more accessible in Southeast Asia, a market where crypto is becoming more common and Play to Earn (P2E) games are growing rapidly. Although many Web3 projects slowed down due to the crypto winter, the gaming industry continues to rise. Transak, also recently backed by Animoca Brands, is partnering with the gaming giant to support more P2E projects and make it easier for end users to access Web3.

Transak is already integrated with MetaMask, Ledger, Trust Wallet, BitYard, Decentraland and Zed. run, Splinterland and many other leading Web3 applications looking to expand into new territories. By cooperating with major players in the market, Transak helps Web3 platforms expand to more areas, saving time and resources for development.

Nissa Li, Head of Growth at BitYard mentions how these local methods help them gain more users: “Local payment solutions are especially important for the Philippine market. Since Transak has added these new payment methods, the conversion rate of Filipino users has increased significantly as we see increased investor confidence in traditional P2P methods compared to.

Transak looks forward to addressing more space deployment issues and bringing additional opportunities to both its users and partners.

About Transak

Transak is a leading provider of Web3 onboarding infrastructure. Its API-based solutions enable the use of over 130 cryptoassets from over 125 countries on web3 platforms, removing the complexity of user KYC, risk monitoring and compliance, payment methods and customer support. Transak’s On-Ramp widget can be integrated into the application with just a few lines of code. Transak is backed by top venture capital firms including Consensys and Animoca Brands and is a graduate of the Tachyon accelerator program.

https://transak.com/

For more media questions, please contact:

pr@transak.com

Disclaimer: This is a paid post and should not be treated as news/advice.

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