PayMaya mobile wallet changes name to “Maya”
PayMaya, a Philippines-based FinTech, is rebranding itself as “Maya” as it expands its services to include the digital banking and crypto trading feature that is part of its app.
“Today, we are not just launching a brand, an application and a digital bank. We are unleashing the power of fintech for the benefit of all Filipinos,” PayMaya CEO and Founder Orlando Vea was quoted in a Friday, April 29, report by GMA News. “We are here to democratize digital financial services.”
See also: Voyager Innovations raises $210 million and becomes Unicorn
Meanwhile, Maya also launched its digital bank Maya Bank, six months after receiving a digital banking license from Bangko Sentral ng Pilipinas (BSP). The Maya Bank feature allows customers to open a savings account with an introductory interest rate of 6% and access credit of up to 15,000 Philippine pesos ($2,865).
The platform also offers a crypto feature that allows users to buy, sell, and hold cryptos for as little as one peso.
As PayMaya has both e-money issuer (EMI) and virtual asset service provider (VASP) licenses, company chairman Shailesh Baidwan called the crypto launch a “big step.” forward to make crypto accessible to all Filipinos,” adding that “being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the platform. -the Philippines’ most accessible end-to-end monetary form.
These features are included alongside Maya’s older e-wallet offerings, such as money transfers and merchant and bill payments.
Learn more: Philippines Shows Promise of Crypto Payments in Developing Countries
The rebranding of PayMaya to Maya comes shortly after a $210 million funding round by Voyager Innovations, Maya’s parent company.
As PYMNTS reported recently, that round valued Voyager at $1.4 billion and surpassed the $200 million the company was targeting earlier this year.
“The Maya brand represents the next step in financial services in the Philippines,” said Maya Bank Chairman Angelo Madrid. “With Maya, we will accelerate financial inclusion in the country by providing more Filipinos with meaningful products and services that will improve their access to savings and productive capital.”
——————————
NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022
On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.
