How To Register For And Use A PayMaya Account
According to the report of the Philippine Statistic Authority in 2019, only 29% of adults in the country have a bank account. The study found that the reason why there is a low bank penetration rate is due to the lack of funds to open an account. Due to this, cashless transactions in the country were low, not because there were only few facilities, but also because only a few could afford to do so.
To bridge that gap, e-wallets were created and have since grown to become an alternative to debit and credit cards for cashless payments. Of these e-wallets that have grown in popularity, PayMaya stands out with some additional features to make it more attractive.
In addition to being an e-wallet app PayMaya also gives users access to a virtual and physical card which they can use for purchase and money withdrawals.In many ways, it functions like a prepaid debit card.
On top of that, their app lets users access more features that will make their lives easier and more convenient. If you’re looking for a prepaid debit card account without taking a trip to the bank, this could be a good alternative.
How to register for a PayMaya account?
Signing up for a PayMaya account is very easy, all you need is a smartphone, an internet connection, and a phone number. Here’s how you can do that!
- Download the PayMaya App from the PlayStore if you’re using an Android phone or from the App Store if you’re using an iPhone.
- After installing, open the app and tap “Create Account”.
- Fill out the form with the relevant details such as your name, mobile number, password, email address, and etc. Once you’re done hit “Continue”.
- You will then be asked to verify your mobile number. Enter your mobile number and you will receive an OTP via SMS. Enter the 6 digit OTP to proceed.
- You’re now ready to use your virtual card, all you need to do is to top it up with funds.
This is only the initial activation process and you will be limited to using a virtual card, and upgrading your account isn’t compulsory to keep using PayMaya. If your only intention is to have a disposable virtual prepaid card for your online purchases, PayMaya’s basic account should be good enough.
However, if you want to get the physical prepaid card and access its full features, proceed with the upgrade.
How to upgrade my PayMaya account?
If you want to be able to do more with PayMaya, upgrade your account to unlock all of its features. What are the features of a fully verified PayMaya account?
- Get a physical card
- Unlock higher limits per month
- Send and receive money
- Bank transfers
- Withdraw money via ATM
- Pay bills
- Mobile prepaid top-up
The process is quite simple because it will only verify your identity and other information. Here’s how you can do that.
1. open your PayMaya app and log in to your account.
2.Once you’re on the dashboard of your app, click the menu button at the upper left corner of the app. It will show you the option to “Upgrade Your Account”
3. Fill in all the personal information required.
4. The next screen will ask for a photo of your valid ID to verify your identity. Before you do that, choose the type of ID you will submit and enter its ID number. Make sure the information you entered and your ID match and that your ID has not expired yet.
Take a clear photo of the front and back of your ID and make sure the details are clear and readable.
- Driver’s License
- PRC License
- Postal ID (issued 2015 onwards)
5. The next verification procedure is a video recording yourself to further match your identity with your ID. Click next once done.
- Make sure you are in a well lit room.
- Remove any accessories from your face and head like earrings and glasses.
- No one else should be in the frame or in the background. Only your face should be seen in the video.
- Follow the instructions in the app on how to take a video of yourself.
6. You’ll have one final look at the details you’ve entered for the verification. Double-check everything especially the ID number and your address. Click “submit” if you’re all set.
7. Paymaya will send you an SMS containing a validation code and the status of your application. Your application will be approved within 72 hours. Take note of the validation code because you will need it in case you will contact their customer service to follow up on your upgrade should it take more than 72 hours.
How to add funds to your PayMaya account?
You can fund your PayMaya account either through bank transfer or cash-in options.
For bank transfers, you can use InstaPay or PesoNet to transfer funds into the PayMaya account. Most of the banks in the country also have either PesoNet or InstaPay, and it can be easily done using the bank’s mobile app or online banking feature.
- CIMB Bank Philippines
- China Banking Corporation
- Land Bank of the Philippines
- EastWest Bank
- Maybank Philippines
- Robinsons Bank
- Bank of Commerce
- Security Bank
- Cebuana Lhuiller Rural Bank
- China Bank Savings
- BPI Direct Banko
- Bpi Family Savings Bank
- Equicom Savings Bank
- Sterling Bank of Asia
- Sun Savings Bank
- East West*
- Union Bank*
- Bank of China
- CTBC Bank
- Development Bank of the Philippines
- Keb Hana Bank
- Philippine Trust Company
- Robinsons Bank
- Shinhan Bank Manila
On the other hand, you can choose to fund your PayMaya account by cashing in through department stores, convenience stores, remittance centers, and self-service kiosks.