Maya Bank launched as all-in-one app

MANILA, Philippines — End-to-end digital financial services platform PayMaya has rebranded to Maya as part of its efforts to move beyond payments.

“PayMaya by virtue of ‘pay’ is about payments  only. We realized that we are going beyond payments so it makes sense for us to rebrand that. Given the popularity of PayMaya, this was a very logical way for us to make it short, sweet and continue to soar even higher,” PayMaya president and Maya Bank co-founder and board director Shailesh Baidwan said.

Alongside the rebranding, the company launched a new all-in-one money app called Maya, as well as its digital bank Maya Bank.

The new Maya app seamlessly integrates digital banking services powered by Maya Bank, such as savings and credit, with PayMaya’s e-wallet and other features like cryptocurrency, micro-investments, and insurance.

The app offers convenient features that  make handling money easier and more rewarding, such as Maya Savings, a high yield savings account with a six percent introductory interest rate.

Maya Credit, meanwhile, is a virtual credit line that can easily be accesses in the app with initial starting credit of up to P15,000 for qualified users.

Maya Crypto, for its part, is a feature that allows users to buy, sell, and hold crypto for as low as P1.

Lastly, Maya Wallet is an e-wallet feature that enables customers to send and receive money instantly, buy load and other digital assets, pay bills, and cash in for free at over 90,000 touchpoints nationwide.

“Over the past years, PayMaya has evolved to adapt to the ever-changing market needs of consumers and enterprises. We are leaping forward with a new experience by building the country’s all-in-one money platform under Maya,” Baidwan said.

Meanwhile, Maya Bank was officially launched, just six months after it secured a digital banking license from the Bangko Sentral ng Pilipinas in September last year.

Maya Bank powers all the digital bank services across the Maya app, Maya Business and Maya Center.

“We are not just launching a brand, app, and digital bank. We are unleashing the power of financial technology to benefit all Filipinos. We are here to democratize digital financial services as you have never seen before,” PayMaya founder and CEO and Maya Bank co-founder and board member Orlando Vea said.