With the launch of support for GCash and PayMaya, Binance P2P is unlocking a convenient option for millions of Filipinos to buy and sell cryptocurrencies.
Today, we have added GCash and PayMaya, the two leading Filipino e-wallet apps with more than 20 million users each, as payment options for Binance P2P. Now, you can buy and sell cryptocurrency by attaching your accounts on these e-wallets to your account.
Since Binance P2P launched support for PHP in June 2020, we have processed over $13 million in total trades and exhibited a strong 100% month-over-month user growth. We also appreciate Filipinos’ overall passion and enthusiasm for Bitcoin and cryptocurrencies, with buy transactions making up more than 80% of all recorded deals. We’re excited to see how much the addition of GCash and PayMaya will improve your P2P trading experience.
Here’s a quick guide on how you can attach your GCash or PayMaya to your Binance account, followed by a guide on how to buy Bitcoin and other cryptocurrencies on Binance P2P. You can do all this with the Binance app.
Adding Your GCash/PayMaya
1. Open the Binance App. Go to Trade > P2P. Click on the ··· icon on the top right part of your screen and choose Payment Settings.
2. Choose Add a new payment method. Choose GCash or PayMaya.
3. Enter your detailed payment information, then tap Confirm.
Buying Bitcoin Using GCash/PayMaya
1. Open the Binance app. Go to Trade > P2P. Choose Buy > BTC. Click the filter icon at the top right part of your screen.
2. Select GCash or PayMaya as payment method and PHP as currency. Tap Confirm.
3. Choose the offer you want and tap Buy. Enter how much you’ll buy, and select GCash or PayMaya as payment method. Tap Buy BTC.
4. Send your payment via either app to the seller’s indicated information within the payment time limit. Tap Transfer after.
5. Tap Confirm to receive your Bitcoin. Your seller will check if he/she received the money you sent and then send you the Bitcoin,
Connecting Millions of Filipinos to Bitcoin
Over the past few weeks, the Binance P2P team has been working hard to add more payment options for Filipinos on the platform. The addition of GCash and PayMaya, which have an estimated 20 million users each this year, opens more opportunities for Filipinos to further take advantage of trading Bitcoin and other cryptocurrencies.
Just a week ago, we added support for Western Union, one of the leading money transfer and remittance services for Filipinos. This is also a crucial addition, given that about 10% of all Filipinos are overseas workers, and there is a significant market for international and domestic money transfers in the region. This is a market that Binance P2P can help a lot with, as cryptocurrencies unlock a lot of use cases for transferring value from one place to another in a more efficient way.