PayMaya account holders can now send money to more than 40 local banks and financial institutions that can receive money through instaPay.
Since it’s through instaPay, the transfer is instant and secure. instaPay is an electronic fund transfer service that allows customers to transfer money from one participating financial institution to another. The transfer is instant and money is received in real time.
How to transfer money using PayMaya
Remember, you have to have an upgraded PayMaya account before you can use this features.
To transfer money, go to Send Money on your PayMaya app and select To Bank Account. In the next screen, choose the bank or financial institution you’ll be sending money to, put in the amount you want to send, and fill in all the important details of your recipient. Your recipient will receive the money in real time. As of now PayMaya is not charging any transaction fees for the service until further notice.
This new feature is in accordance of the Bangko Sentral ng Pilipinas to increase the percentage of digital transactions in the country to 20% by the year 2020, under the National Retail Payment System (NRPS).
This new feature will definitely make it easier for PayMaya account holders to manage their money conveniently. Whether they’re sending money to an online seller or transferring money from one of their bank accounts to another, everything is instant and seamless with PayMaya’s new Send Money to Bank feature.Shailesh Baidwan, President of PayMaya
The PayMaya app is free to download on Google Play and the Apple App Store.