Finance

Imported devices could get more expensive thanks to customs duty hike

iPhones to get even costlier!

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The Indian government has decided to hike customs duty on imported mobile phones from 15 to 20 percent in a move designed to protect local manufacturing. The higher tariffs take effect from April 1.

The move, which will make imported devices more expensive, follows less than two months after the country raised the import duty from 10 percent to 15 percent. The new hike comes amid the nations annual Budget Session when the coming year’s finances are declared. This move will affect Apple’s iPhone and Google’s Pixel lineups the most. Luckily, we shouldn’t be seeing any price hike on the iPhone SE because it is assembled in India.

Apple has been trying to assemble its devices in India but has always found itself in some bureaucratic hurdle. Apple has been negotiating with the Indian government for lower tariffs on certain components, but the increased duties are still not in its favor.

The increase on import duties is designed to promote local manufacturing. The moves taken by the government to ensure local sourcing have started paying off though; multiple companies like Samsung, Xiaomi, Vivo, OPPO, and BlackBerry have started making and assembling phones in India to avoid the high import duty and also further gain the benefits the government has to offer under the “Make in India” scheme. The fact that the phones are sourced in India is often a point of emphasis for these companies and another marketing point to the consumer.

A senior industry executive told the Economic Times that smartphone makers may decide to absorb a part of the duty increase because Apple had increased iPhone prices by an average 3.5 percent in December after the government had raised import duties by five percent.

Last year, Apple supplier Wistron started producing iPhone SE models in India.

Around 75 percent of all cellphones sold in India were assembled in the country in 2017, said Tarun Pathak, an analyst at Counterpoint Research to CNN.

Finance

PayMaya opens crypto feature

Start your crypto journey easily for as low as PhP 1

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PayMaya crypto

E-wallet brand PayMaya is finally launching its cryptocurrency feature through its all-in-one financial app.

This allows Filipinos to jumpstart their cryptocurrency journeys without having to register another account as processes and transactions will all be done on the PayMaya app.

All existing PayMaya users will only have to upgrade their accounts to start buying and earning digital assets such as Bitcoin and Ethereum for as low as PhP 1.

Other popular coins and tokens available for trading are Cardano (ADA), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Quant (QNT), Polkadot (DOT), Polygon (MATIC), and Tether (USDT), with more coming soon.

PayMaya developed this feature under its Invest platform in connection with Coinbase Institutional, the largest publicly traded crypto company in the world and the trusted bridge to the crypto-economy.

Crypto made easy

After users have upgraded their PayMaya accounts, they may conveniently access the crypto feature to start investing.

PayMaya also offers access to tutorials and guided content to help interested users understand the basics of crypto.

Cashing in is likewise easy with over 90,000 outlets nationwide offering the service for free.

Start your crypto journey

To start buying crypto on the PayMaya app, follow these simple steps:

  1. Tap Crypto on the PayMaya homepage.
    2. Tap Buy on the bottom of the screen, then select the desired cryptocurrency.
    3. Input the desired Philippine Peso (PHP) amount you want to spend. You will see the equivalent cryptocurrency value based on an estimated market price. Then, tap Next on the upper right hand of the screen.
    4. A Confirm Purchase tab will pop up. On this tab, you will see the amount in PHP you will be spending and the amount of cryptocurrency you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to buy.

Once you purchase your desired cryptocurrency, the amount will reflect on your app’s Crypto page.

Selling crypto is just as easy as buying it.

Follow these steps

  1. Tap Crypto on the PayMaya homepage.
  2. Tap Sell on the bottom of the screen, then select the desired cryptocurrency.
  3. Select a percentage value to sell a part of your currently owned asset. You will see the equivalent PHP value based on an estimated market price. Then tap Next on the upper right hand of the screen.
  4. A Confirm Sale tab will pop up. On this tab, you will see the amount of cryptocurrency you will be selling and the amount of PhP you will be receiving through this transaction. Once you are ok with the details, you may confirm your purchase and slide to sell.

You will automatically receive your earnings on your PayMaya wallet. Simply go to your app’s home screen and check the amount.

Once you receive the amount, you can choose to use it for your everyday transactions with PayMaya or transfer it to your bank account instantly.

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Apps

Tonik to venture into crypto, more lending services

Buy now, pay later and home loans of up to PhP 2.5M

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Tonik

Digital-only neobank Tonik is looking forward to expanding its lending portfolio after recently celebrating its first-year anniversary.

This includes venturing into buy now, pay later and home loans for up to PhP 2.5 million.

Furthermore, the company revealed that soon, cryptocurrency will be integrated into their proprietary app to provide more opportunities for Filipino users to save.

Record-setting first year

Since its launch, Tonik has been steadily growing, securing over PhP 5 billion in retail deposits in its first year.

Tonik has industry-leading deposit rates of up to 6 percent per annum on top of unique product offerings.

The neobank is recently backed up by their latest Series B funding of US$ 131 million led by Mizuho Bank, assuring customers of more innovations.

Supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits insured by the Philippine Deposit Insurance Corporation (PDIC), Tonik’s cloud-based solution is also powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.

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Apps

GCash now allows users to buy crypto

Fast, secure, and convenient

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Photo by Kanchanara on Unsplash

With more and more people purchasing cryptocurrency, leading e-wallet GCash has now made it possible for users to buy crypto from the app.

For affordable rates, users may buy digital currency across popular crypto exchanges such as Binance, Philippine Digital Assets Exchange (PDAX), and Paxful directly from their e-wallets.

GCash is also planning to add many more soon for the convenience of its over 55 million registered users.

Low fees, secure use

GCash is widely accepted across crypto exchanges for cash-in or P2P (peer to peer) transactions.

On PDAX, GCash is offering a low cash-in fee of only 3 percent, with a fixed PhP 10 cash-out.

Moving forward, GCash plans to accelerate and strengthen its financial services and products to cater to its users’ needs.

The app already offers a wide variety of features, such as GInvest (investment), GSave (savings account), GCredit (credit line), GInsure (insurance), and GLife (e-commerce shopping).

GCash is available for free on both Google Play and the App Store.

 

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