Paymaya rebrands to ‘Maya,’ launches digital banking service

Mobile wallet PayMaya on Friday announced its rebranding to Maya as it goes beyond e-wallet and payments services with the integration of its digital bank and crypto trading feature within its app.

“Today, we are not just launching a brand, app, and digital bank. We are unleashing the power of financial technology to benefit all Filipinos,” PayMaya CEO and founder Orlando Vea said.

“We are here to democratize digital financial services,” he added.

Maya’s digital bank Maya Bank was also officially launched, six months after it secured a digital banking license from the Bangko Sentral ng Pilipinas (BSP) in September 2021.

Under the Maya Bank feature, users can open a savings account with a 6% introductory interest rate. Users can also access credit of up to P15,000.

The digital financial services platform also offers a crypto feature, wherein users can buy, sell, and hold crypto for as low as P1.

The latest features are available alongside the app’s core e-wallet features such as money transfer, load purchase, bills and merchants payment.

The rebranding of PayMaya into Maya came on the heels of the recent $210-million funding round of Voyager Innovations, the parent of Maya.

“The Maya brand represents the next stage of financial services in the Philippines. With Maya, we will accelerate financial inclusion in the country as we provide more Filipinos with meaningful products and services that will improve their access to savings and productive capital,” Maya Bank president Angelo Madrid said.—LDF, GMA News