What is PayMaya and How Does It Work

Last Updated on January 11, 2022 by BrodNeil

After the rise of credit cards, debit cards, ATMs, and online banking, electronic wallets or e-wallets have come into picture allowing cashless transactions. PayMaya is one of those e-wallets that lets you conveniently make payments and purchases without giving actual cash.

Let’s learn more about PayMaya and how to use it.

paymaya logo

What is PayMaya

PayMaya is a popular electronic wallet in the Philippines that you can use for personal and business transactions. If you prefer cashless transactions for your purchases and payments like me, PayMaya is an excellent option, especially if you don’t have a bank account or a credit card. You can also use PayMaya to remit and receive money.

If you are a merchant, having a PayMaya enterprise account allows you to accept digital payments in your retail or online store. But in this article, we will focus on the personal PayMaya acount that you can use to pay for purchases, send and receive money, buy prepaid load, pay your bills, buy travel tickets, pay for accommodation, and perform many other digital transactions.

How to use PayMaya

To use PayMaya, you need to download the PayMaya app and create an account with them by signing up. Once you have registered. you can start performing online transactions.

How to open a PayMaya account

Here are the steps in opening a PayMaya account:

1. PayMaya download

Using your mobile phone, search and install the PayMaya app from Google Play Store or Apple App Store.

paymaya app google play store

2. PayMaya data privacy

Once you have downloaded PayMaya, open the app. Click “agree and continue” after reading their data privacy statement.

PayMaya data privacy statement highlights

3. PayMaya login page

After agreeing to the privacy statement, you will be brought to page where you log in if you already have an existing account or create a new account. On this page, you will also see that PayMaya is supervised by the Bangko Sentral ng Pilipinas (BSP). This means that PayMaya is bound the regulations of BSP in providing an efficient, safe, and secure platform for people to process financial transactions online. This is sure way of knowing that PayMaya is a legitimate e-wallet, and that it is not a scam.

paymaya login page

4. PayMaya sign up and account creation

Choose “Create Account” on the log-in page, and fill in the registration details. Once done, you may click “agree” to express that you accept their Terms and Conditions and Privacy Policy. PayMaya will then send you a mobile verification code. Input that code and click proceed to complete the account creation.

paymaya account registration

That’s it! You already have a PayMaya account!

How to process PayMaya account upgrade

Once you have successfully created a PayMaya account, you can upgrade it to take advantage of more features. For instance, you will have higher cash in and spending limits. You can also send cash to other people. Finally, you can withdraw cash in any BancNet ATM in the Philippines and Visa Plus /Mastercard ATM in other countries.

Here are the steps in upgrading your PayMaya account:

  1. Prepare one valid ID to be used during the verification process.
  2. Go to your PayMaya app and log in to your account.
  3. On the upper left corner of your home page, click on the user icon.
paymaya upgrade- menu page

4. Click Upgrade my Account.

paymaya upgrade account page

5. On the next page, you will see the features of upgrading your account.

paymaya upgrade account page2

Log in to your PayMaya account. Once in the app, access the menu then select UPGRADE YOUR ACCOUNT.

2. Fill out the required information and make sure you have at least one [1] valid Primary ID or [2] valid Secondary IDs. Please ensure that the Name and Birthday you entered in the Upgrade Application form matches the Name and Birthday reflected in the Valid ID that you will be uploading.

Here is a video from PayMaya on how to upgrade your account:

how to upgrade paymaya account

source: https://www.thepoortraveler.net/2020/07/paymaya-create-account-upgrade/

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