Transak (https://transak.com/), a leading Web3 onboarding infrastructure provider, has just launched a new local payment method in the Philippines that would allow users to buy cryptocurrency directly with the local peso and pay through GCash, Maya, GrabPay, BPI, Union Bank, ShopeePay, or debit/credit cards.
The new solution uses Web3 platforms that can integrate Transak’s fiat on-ramp widget in their apps and expand to new regions. It is open to individual users interested in expanding to Southeast Asia.
“There is no bigger problem in crypto than the complexity with onboarding. We are working every day with our partners to make the onboarding process easier and seamless for mainstream adoption,” said Yeshu Agarwal, Co-founder and CTO of Transak, in a press release.
Ranking in the top 10 for cryptocurrency adoption, the Philippines reportedly has more than 11 million residents owning crypto. Despite this staggering number, the experience of buying crypto and making onboarding in the Philippines is still far from ideal.
“We see a 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 benefit,” he adds.
Until now, most purchases in the region take place via the traditional P2P method. Such an approach has resulted in longer processing times and weaker security for both parties.
Transak to make crypto purchases easier, eyes expansion in PH
The infrastructure provider has also decided to expand to the Philippine market, adding GCash and Maya payment methods to their infrastructure, to make crypto purchases easier and directly with fiat.
According to independent research done by 2C2P, GCash and Maya together comprised about 90% of the total digital payment method market in the Philippines.
Since the company’s recent expansion in 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) area. Back in July 2022, Transak also enabled local payment methods in Thailand.
These important milestones come as a part of the provider’s push to make Web3 more accessible across Southeast Asia, a market that is seeing an increasing crypto adoption and fast growth of Play to Earn (P2E) gaming.
While many Web3 projects slowed down operations due to the crypto winter, the gaming industry continues to boom.
Transak partnering with big players, says PH remains a key market
Just recently, Transak also started working with gaming giant Animoca Brands to support more P2E projects and ease end-user onboarding 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 to new regions.
“The Philippines is a key market for MetaMask,” said Taylor Monahan, Global Product Lead at MetaMask. “This partnership with Transak will bring our users in the country more alternative payment solutions like GCash and Maya and is an important starting point for us to further optimize and support product expansion across Asia. This will be a core building block towards our mission to onboard the next 100M users to Web3.”
By partnering with the big players in the market, Transak helps Web3 platforms to expand into more regions, saving time and resources for development.
Nissa Li, Head of Growth at BitYard, mentions how these local methods are helping them to onboard more users. “Local payment solutions are especially essential 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 in comparison to traditional P2P methods,” states Li.
Local payment solutions are especially essential for the Philippines 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 in comparison to the traditional P2P methods”
To date, Transak is now also looking forward to tackling more onboarding issues in the space in the Philippine market and bringing additional opportunities for both users and partners.