Maya app, formerly called PayMaya, is a feature-rich money app specially developed for Filipinos.
To provide Filipinos with a reliable and advanced all-in-one digital bank app, PLDT and Smart Communications launched Maya in April 2022, alongside the introduction of a new digital bank: the Maya Bank.
In layman’s terms, a digital bank is a bank that operates online and offers various financial services previously available only in banks with physical branches.
Maya’s services are classified into four major categories, each with a respective focus and service specialty. These include the Maya app, Maya Bank, Maya Business, and Maya Center.
Maya app is Maya Bank’s all-in-one digital banking app. To use all the digital banking services and products of the Maya app, you must first download and install the Maya app on your device.
The Maya app has its own set of services and features under its arsenal, including the e-wallet, money transfer, online payment, savings, investments, insurance, and more.
Meanwhile, Maya Bank is responsible for powering all the digital banking services and features across Maya’s family of products, particularly the Maya app, Maya Business, and Maya Center.
As the country’s leading digital bank, Maya Bank introduced Filipinos to modern ways of managing their hard-earned money. Credit (via the Maya app), savings, and deposits are some popular services Maya Bank offers.
The legitimacy and legality of the Maya Bank are unquestionable. The Bank is supervised by the Bangko Sentral ng Pilipinas (BSP), and each depositor is entitled to Philippine Deposit Insurance Corporation’s (PDIC) insurance up to ₱500,000.
On the other hand, Maya Business, formerly PayMaya Negosyo, is Maya’s all-in-one business app.
In a nutshell, Maya Business helps businesses in the Philippines by providing innovative banking and finance solutions such as the following:
- Online Solutions: You will be paid easier via a one-stop payment gateway
- In-store Solutions: The use of one device to cater to QR Ph and card payments
- Business Banking: For a more secure and more accessible money management
- Disbursements: Enables processing and releasing of allowances, payroll payments, and incentives efficiently
Maya’s other frontline service is the Maya Center. If you are familiar with the Smart Padala that became popular in the early 2000s, it’s now called Maya Center!
The Maya Center paved the way for the creation of thousands of Maya mobile remittance centers strategically situated across the Philippines. In a Maya Center, you can perform various Maya-related transactions, including cash in, cash out, bill payments, remittance claims, and sending money to other Maya accounts, banks, and other e-wallets.
What’s in Store With Maya App?
Since 2022, Maya has already introduced various financial innovations geared toward helping Filipinos manage and grow their finances.
Among the services the Maya app offers include:
- Bills Payment
- Bank Transfer
- Send Money
- Claim Remittance
- Mobile and Personal Protect (insurance)
- Funds (invest in local and international companies for as low as ₱50)
- Savings
- Mobile load and gaming pins
- Maya Verified Seller Program
- Shop (pay with Maya online, pay with Maya Card, pay with QR)
- Maya Virtual Card
- Travel with Maya
- Maya Virtual and Physical Card (powered by VISA)
- Crypto Investment
History of Maya
Voyager Innovations, Inc. launched Smart Money in 2001, which paved the way for the world’s first card linked to a wireless phone financial service.
Since all Smart Money features are available to anyone using a valid SIM, even unbanked Filipinos can now avail of leading financial services previously accessible only to banks with physical branches.
Smart Money features and services include sending and receiving money (domestically or internationally), buying airtime, and paying for goods using a card.
In 2016, Smart Money was rebranded and became PayMaya. A few months after the rebrand, PayMaya reported $1 billion worth of transactions. Moreover, PayMaya also registered 44 million users in 2021.
In April 2022, PLDT and Smart Communications, the companies controlling Voyager Innovation, made a bold move by overhauling PayMaya and renaming it Maya. The rebranding formally took effect on May 2, 2022.
Maya’s most in-demand services include Maya Wallet, Maya Savings, Maya Business, Maya Center, and Maya Loans.
As of December 2021, the Maya app had over 44 million users, a 14 million increase from the previous year.
Are Maya and PayMaya the Same?
Yes, Maya and PayMara are the same.
Maya is the result of PayMaya’s rebranding in April 2022.
With the introduction of a more inclusive Maya app, Filipinos now enjoy a wide variety of digital banking services, products, and features by just using their mobile phones.
Is Maya a Bank or a Wallet?
Maya is a general term that may refer to Maya’s four main divisions of digital banking services: the Maya App, Maya Bank, Maya Business, and the Maya Center.
The Maya App is a one-stop digital banking app powered by the Maya Bank.
Meanwhile, the Maya Business app is Maya’s business-dedicated app, with services mainly focused on helping Filipino businesses manage cashless transactions and provide more efficient services to clients using digital gateways.
With the Maya Business App, you can find the best ways to pay and receive payments and avail of other flexible options for managing your finances.
On the other hand, the Maya Center, formerly Smart Padala, caters to various Maya transactions, such as cash in, cash out, bill payment, load buying, and even Western Union remittances. Currently, there are over 63,000 Maya Centers strategically located across the country.
Maya is classified as a digital bank. A digital bank offers services, products, and features accessible on digital platforms.
Unlike the typical bank with a physical branch or office, you don’t need to appear in person to avail of Maya’s services. As long as you have a smartphone connected to the internet and the Maya app installed, you can enjoy all of Maya’s innovative services.
Inside the Maya app, you will find a long list of services tailored to Filipinos’ needs. Some of the features and services of the Maya app include an e-wallet, money transfer (sending and receiving money), Savings, a Maya Virtual Card (Maya also released a Maya Physical card), online shopping and payments, insurance, and crypto-related services (still in beta phase).
Is Maya PH Safe?
Maya is 100% safe!
Why?
First and foremost, Maya is owned by Voyager Innovations, Inc., which is controlled by two of the most reputable companies in the country, the PLDT and Smart Communications.
How can you refute the credibility of PLDT and Smart Communications?
By merely looking at the companies running Maya, we can be sure that we are dealing with a legitimate digital bank in the Philippines.
Second, Maya is supervised by the Bangko Sentral ng Pilipinas (BSP), which means it complies with all the requirements for operating as one of the country’s digital banks or fintech providers.
Lastly, Maya’s Virtual and Physical Cards are powered by VISA, which means they are accepted anywhere in the world as long as transactions are conducted in Visa and Mastercard-enabled portals.
What are Maya’s Features and Services?
- Maya Wallet—This allows Maya users to save and transfer money. With the Maya Wallet, you can send money to local banks, purchase items online, and load up in malls, pawnshops, and even convenience stores.
- Maya Savings (powered by Maya Bank)- Allows Maya users to open a Savings account inside the Maya app. In addition to keeping your money secure, your money will grow courtesy of the interest you gain. The interest you’ll earn from Maya Savings will depend on your average daily balance per annum.
- Maya Credit- This is a product of Maya Bank that entitles Maya users to a ₱30,000 maximum credit limit with a 30-day credit line they can use during emergencies. You can apply for Maya Credit when you need money to pay your bills, shop in-store or online, buy loads, or just top up your Maya Wallet. Wondering about Maya Credit’s interest rates? Well, it comes with a 0% interest rate!
- Send Money- Simply the feature that enables Maya users worldwide to send or exchange money.
- Request Money- This feature allows Maya users to request money from other Maya accounts.
- Bank Transfer- A feature that enables Maya users to send money from their respective Maya accounts to banks and even to non-Maya wallets (via InstaPay).
- Cash In- A feature in the Maya Business app that can top up Maya Wallet’s balance.
- Bills payment- A feature in the Maya Business that enables Maya partners to accept cashless payments from their customers or subscribers.
- Load (mobile load, gaming pins)- This feature allows you to buy discounted loads from any telecommunications company.
- Shop (Pay with Maya online, Pay with Maya Card, Pay with QR)- The Maya Shop allows you to easily buy gaming pins, load/ mobile data packages, wellness and food vouchers, and avail of great online shopping treats.
- Verified Seller Program- This is Maya’s way of certifying the legitimacy of online sellers. A Maya-verified seller is qualified to accept cashless payments via Maya.
- Crypto (still in Beta/ Trial phase)- This feature is under the Maya Invest Feature. If you’re a fan of cryptocurrencies, you will surely love Maya’s Crypto services. You can use the Maya platform to buy or sell crypto assets (as long as the crypto is included in Maya’s crypto list). You can also use the Crypto feature to learn more about a particular cryptocurrency to ensure you’re investing in the best crypto matching your needs and interests.
What is Maya Business?
Maya Business, formerly PayMaya Negosyo, offers various services anchored on helping businesses leverage their management and transaction capabilities to provide a level-up client experience.
With the Maya Business App, you can find innovative and more efficient means to get paid, pay, and manage all your business transactions.
You can also track your payment transactions using the Maya Business App in just a few clicks. Moreover, you can easily integrate the Maya Bank as your default settlement account in the Maya Business App.
Other business solutions on the Maya Business app include Business Banking, Disbursements (helpful in expediting the payroll release), and In-store Solutions, allowing businesses to cater to QR codes and card payments using a single device.
What is Maya Savings?
Maya Savings allows Maya users to open savings accounts using the Maya app.
Since the BSP supervises Maya, you are assured your money is safe inside the app.
With Maya Savings, you can keep your money safe and grow it. The interest rate is computed based on your average daily deposit per annum.
With Maya Savings, even ordinary Filipinos can now open a bank account. And take note, opening a Maya Savings is as easy as ABC. The following are the easy steps of opening a Maya Savings:
- Download and install the Maya App
- Open the Maya App and tap ‘Savings’
- Click the ‘Start Maya Savings’ tab
- You can now fund your Maya Savings by depositing money from your Maya Wallet
But wait, there’s more!
In addition to the interest you earn from your Maya Savings, you can earn as much as 14% interest per annum if you use Maya to pay for different transactions.
Maya’s ‘Boosted’ interest program applies to the user’s first ₱100,000 transactions and runs until March 31, 2024.
What is Maya Time Deposit?
Maya’s time deposit product, formally known as the Maya Time Deposit Plus, enables users to earn interest through a time-based savings account.
With Maya Time Deposit Plus, you can save (lock-in) your money for 3,6 or 12 months and earn through boosted interest if you hit your target amount.
All Maya Time Deposit Plus accounts enjoy a 3.5% p.a. guaranteed interest, which could increase to 6% p.a. if you hit your target amount and date. The said interest rates apply to ₱1 million maximum Time Deposit Plus balance.
What is Maya Credit?
Image source: Marek Ślusarczyk
Maya Credit provides quick cash loans with 0% interest to qualified Maya users. Under the Maya Credit service, you can borrow as much as ₱30,000 with a 30-day credit line.
Maya Credit is a lifesaver, especially in financial emergencies. You can use the funds from Maya Credit to pay bills, buy loads, shop online or in person, or simply add balance to your Maya Wallet.
What’s more enticing about Maya Credit is that it does not ask for documentary requirements. You can apply for a Maya Credit as long as you have a qualified Maya account and meet the basic requirements.
To qualify for Maya Credit, you need to meet the following requirements:
- At least 21 years of age
- With an upgraded Maya account
- You’ve been actively using your Maya account for the past six months
- With a good credit standing
What is Maya Personal Loan
Maya Personal Loan is another loan product of the Maya app.
Since it’s a personal loan, Maya will conduct a credit check on every applicant. However, the good thing about the Maya Personal Loan is that it offers a higher loanable amount.
How much?
If your credentials warrant, you can borrow up to ₱250,000 in a Maya Personal Loan, payable in up to 24 months.
The Maya Personal Loan charges a 0.77% monthly interest rate applicable for loans with 24 months tenure.
The amount of money you can borrow under Maya Personal Loan is enough to finance a home renovation, pay tuition fees, buy a new gadget, or fund a new business venture.
To qualify for the Maya Personal Loan, you must meet the following requirements:
- Filipino citizen residing in the Philippines
- 21- 65 years old
- With an upgraded Maya account
- Actively using the Maya app
What is Maya Pay in 4
Maya Pay in 4 is a loan product of Maya Bank that lets qualified users borrow money (deposited straight to the borrower’s Maya Wallet) to pay for services and goods payable within four installment periods.
Maya Pay in 4’s due date is set every two weeks; thus, the amount you will borrow should be repaid within two months.
But there’s a catch. You can only use Maya Pay in 4 if you purchase from Maya partner stores.
Maya will automatically deduct funds from the borrower’s outstanding Maya Wallet balance for repayment. If a borrower doesn’t have enough balance, Maya will collect whatever amount remains in the borrower’s Wallet, and the unpaid balance will serve as the baseline for computing late payment charges.
What is Pay With Maya?
Pay With Maya is a cashless payment innovation that allows customers to pay for products and services using the Maya app.
Pay With Maya is applicable in single purchases and recurring payments.
Below is the procedure for using Pay With Maya for single purchases:
- Login to your Maya Wallet. Make sure your Wallet has enough funds
- Visit the website or open the app where you intend to purchase
- On the checkout tab, select Maya as your payment method
- Enter your Maya number and password to log in
- Input the OTP sent to your Maya-registered number
- Confirm payment
- Review your payment transaction on the Transaction History page (in the Maya app)
Pay With Maya is also the best option for recurring payments. You just have to link your Maya Wallet to the apps and websites where you regularly pay, and Maya will auto-pay and auto-renew your subscription.
Below are the steps for using Pay With Maya for recurring payments:
- Login to your Maya Wallet. Again, make sure your Maya Wallet has enough money to pay for your recurring transactions
- Visit your target app or website
- On the checkout page, select Maya as your payment gateway
- Input your Maya-registered number and password to log in
- Enter the OTP that will be sent to your Maya-registered number
- You will get a notification regarding a successful Maya account linking
- Proceed with the next steps of the transaction (may vary depending on the specific site or app)
- Set up Maya as your default payment method for your next payment (for auto-renewal)
- If your subscription is on-demand or as-per-need-basis, simply input Maya as your preferred payment method on the checkout page for a faster payment transaction
Why Filipinos Must Start Using the Maya?
- Maya is BSP-supervised
- Maya’s deposits are PDIC-secured
- Maya applies lower interest rates on its loan products; some even have 0% at all
- Maya is safe
- Maya’s transactions are fast and convenient
- Maya provides cashback and other reward deals to users
- Maya offers an all-in-one digital banking services tailored for Filipinos’ needs
- Best one-stop shopping app
- For easy finance monitoring
How to Register a Maya Account?
- Download the Maya app on Google Play or App Store
- Enter your active mobile number. This will serve as your official Maya account number
- Enter your personal information
- Wait for the OTP that will be sent to your Maya-registered number
- Enter the verification code (OTP)
- Click ‘Proceed’
You’re now ready to experience digital banking innovations, services, and features only available in Maya, the country’s #1 and fastest-growing digital bank!
How to Send Gcash to Maya App?
- Login to your GCash account
- Tap ‘Transfer’
- Click ‘View All’ to see all available payment gateways
- Look for ‘Maya Philppines, Inc./ Maya Wallet’
- Tap ‘Maya Philppines, Inc. / Maya Wallet’
- Input the amount that you want to send, the Maya account name of the receiver, the Maya account number, and the Email address where you wish to receive the transaction receipt
- Tap ‘Confirm’
- Enter the 6-digit authentication code that will be sent to your mobile number. Click ‘Submit’
There you go! You’re done sending money from your GCash to a Maya account.
Takeaway
Now you know why the Maya app is the number 1 digital banking app in the Philippines.
Whether banked or unbanked, Maya is a must-have app to manage your finances more efficiently and access cutting-edge digital banking services.
If you are still not using Maya, you certainly wasting half of your life!