Maya to GCash: With everything in one app, we like where we’re headed

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Fintech platform Maya, which used to be known as PayMaya, said it is confident that its rebranding and the addition of digital banking in its list of services will boost the app and eventually put it at par, if not surpass, its main rival GCash.

Maya chief marketing officer Pepe Torres

“Everything, including digital banking, is now just in one app. We like where we are headed,” said Maya chief marketing officer Pepe Torres said during in an informal media event held at its headquarters in Mandaluyong City on Tuesday, May 31.

Torres was commenting on the statement of GCash that “digital banking is not a silver bullet in fintech business success”. The Ayala-owned firm made the statement just a few days after Maya launched its rebranding and digital banking offering.

“We don’t believe that having a digital banking license is a silver bullet or magic. It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services,” Martha Sazon, GCash president and CEO, said during a press briefing.

Maya, however, continues to beef up its services with new features including a new savings feature called Personal Goals, new crypto coins, higher transaction limits, and promos.

“The customer response to our relaunch has been overwhelmingly positive, and our Early Access program was a smashing success. Maya’s unique all-in-one money app, which seamlessly brings together digital banking services, crypto, and an e-wallet for the customer, clearly addresses the pent-up demand for world-class financial services,” said Torres.

Maya is launching Personal Goals, a “Savings” feature with a 6% interest rate that allows customers to set aside money for specific purposes. With Personal Goals, users can set up a Personal Goal for up to six months, and keep up to five at a time, allowing them to see how everything is progressing at a glance.

The Personal Goals complements Maya Savings, now available for all upgraded Maya customers. Maya Savings is the digital savings account with a 6% interest rate, initially offered on early access mode during the Maya launch. On top of offering Personal Goals, customers with Maya Savings will automatically be upgraded as Maya Power Users, allowing them to cash in up to P500,000 to their Wallet and transfer it to their Maya Savings account.

Maya also has added five new currencies to the app: Algorand, Ape Coin, Avalanche, Doge, and Stellar, bringing its coin offerings to a total of 15. What makes Maya Crypto better is the integrated experience — no need to cash in/out or buy crypto using another app, the company said.

Maya said users can also soon set up their own @username that will serve as their Maya identities, allowing friends to send money without using their mobile number or QR code.

With the new features, Maya also stepped up its collaboration with Filipino artists and creators — starting with Shanti Dope, through a music video that incorporates an “easter egg hunt” for a chance to win a portion of P1 million in prizes.

Users just need to watch the music video and look for ten unique cash codes until June 9 for a chance to win prizes. They can check out the Shanti X Maya Cash Code Hunt promo at www.maya.ph/shanti.

Maya said it also working photographer Shaira Luna to co-create Maya’s photo library with a diverse range of talent that reflects the next-generation of Filipinos.

“This creative approach will allow Maya to stand out in a saturated marketing landscape where it’s not uncommon to see competing brands use the same stock photo models in their promotional materials,” it said.

“Customers are connecting to our new brand’s bold look, feel, and sound. This transformation would not have been possible without a world-class team of Filipino creatives who have brought our brand to life. The process reflects our culture and how we built Maya to be the first-of-its-kind money app for Filipinos,” said Torres.