Coinciding with the launch of its digital banking services, e-wallet firm PayMaya has dropped “Pay” from its brand name and will now be known simply as “Maya”.
Under Maya, the company will be offering combined e-wallet and digital bank services such as savings account as well as cryptocurrencies. This comes after the Bangko Sentral ng Pilipinas (BSP) granted a digital banking license to PayMaya in 2021.
To entice new clients, executives bared during the US-style launch at the PowerPlant Mall in Makati City that Maya is offering an introductory 6-percent interest rate for digital savings account – the highest in the local market. This initial offer is available until August 31, 2022.
As the digital bank services are supervised by the BSP, officials also said funds kept in Maya are insured by the PDIC (Philippine Deposit Insurance Corp.) for as much as P500,000.00
Eligible PayMaya customers will also be able to move money from their e-wallet to Maya Savings with just a couple of clicks in the app and earn interest on their balance. They need, however, to upgrade to a Maya account to access this feature.
Another new feature is the Maya Credit, a virtual credit line that lets users borrow up to P15,000 within the app. They can use this to pay bills, buy groceries, or purchase load, among others.
Maya Crypto, meanwhile, allows users to buy, hold, and sell popular coins, including Bitcoin, Ethereum, Solana, Tether, and more, for as low as P1 all within the Maya app
Maya Wallet, on the other hand, continues to have all the e-wallet features of PayMaya – only now, it comes with a revamped customer experience.
“Maya is all about challenging conventions – and this translates into the experience we’re giving our users with this new all-in-one money app. With this transformation, we want to enable Filipinos to make bolder choices with their money and seize opportunities — big and small,” said Shailesh Baidwan, president of PayMaya, and co-founder and board member of Maya Bank.
“We are combining the power of an innovative wallet and a secure, progressive digital banking experience powered by BSP-licensed Maya Bank to transform how Filipinos experience money. This unparalleled digital app experience is supported by Maya Business, the country’s leading payment processor for enterprises, and the widest on-ground network of Maya Center agents,” he added.
