Paymaya recently rebranded itself short, simple and sweet as "Maya" in a bid to go beyond payments and become an all-in-one money app for consumers and enterprises - “everything and a bank”.
Maya's rebranding came after Voyager Innovations, mothership of both PayMaya and Maya Bank, raised $210 million and gained unicorn plus status.
The new Maya app 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.
Maya aims to "revolutionize how Filipinos manage their money", according to Orlando B. Vea, PayMaya founder and CEO and Maya Bank Co-founder and Board Director.
"We are here to democratize digital financial services as you have never seen before,” he maintained.
The new Maya brand will be reflected across the company's ecosystem – including its enterprise payments solutions with Maya Business (formerly PayMaya Business) and across its on-ground network of Maya Center (formerly Smart Padala) agents across the Philippines.
"We are leaping forward with a new experience by building the country's all-in-one money platform under Maya. And today, we are introducing our new Maya app that combines the best of e-wallet, crypto, and digital banking,” says Shailesh Baidwan, PayMaya President and Maya Bank Co-founder and Board Director.
Maya Bank officially launched simultaneous with the rebranding of the app, just over six months after it secured a digital banking license from the Bangko Sentral ng Pilipinas.
Maya Bank powers all the digital bank services across the Maya app, Maya Business, and Maya Center.
“The Maya brand represents the next stage of financial services in the Philippines," remarked Angelo Madrid, Maya Bank President.
"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,” he added.
For consumers, the new Maya app offers features that make handling money easier and more rewarding.
It includes Maya Savings, a high-yield savings account with a 6 percent introductory interest rate, the highest offered in the market to date.
Consumers can also accesss Maya Credit, a virtual credit line with initial starting credit of up to P15,000 for qualified Maya app users.
Maya Crypto is a crypto feature that allows customers to buy, sell, and hold crypto for as low as P1.
Maya Wallet, the e-wallet feature, allows 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.
Upcoming features to lure a new generation of digital-first consumers include the @username feature, where customers will just need to type the recipient’s username instead of mobile number, and the Dark Mode option, a first for a financial app in the country.