PayMaya has announced that it is rebranding from an e-wallet into an “all-in-one money app” called Maya.
“It’s everything and a bank,” said Maya in a statement.
Through its new identity, Maya combined the popular PayMaya e-wallet features with new attributes like crypto, and “an innovative digital banking experience powered by Maya Bank, to allow you to spend, save, grow, invest, and master your money — using your smartphone.“
Maya Bank is among the 6 licensed digital banks in the Philippines; the other banks are Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital and GOtyme. Digital banks, according to the BSP, is a new bank category separate from existing bank categories. It is a type of banking where banking services are delivered over the internet. (Read more: PLDT Secures Digital Banking License)
“Maya will make your money work harder for you than any other e-wallet or bank in the market. It is completely free to download and register from Google Play or App Store,” – Maya
The rebranded app will have an array of features called Maya Savings, Maya Credit, Maya Wallet, and the feature that caters to the cryptocurrency craze, Maya Crypto.
Maya Savings, is powered by the BSP-licensed digital bank Maya Bank, and will have a 6% introductory interest rate available until August 31, 2022. Maya Credit is a virtual credit line that allows eligible users to borrow up to ₱15,000 within the app. Maya Wallet will continue to provide all the e-wallet features and services the former PayMaya offers.
Lastly, Maya Crypto, after a statement that it aims to be the “easiest way to start your crypto journey,” appears to have the biggest revamp: Maya confirmed that users can now buy, hold, and sell popular coins, including Bitcoin, Ethereum, Solana, Tether, and more, for as low as ₱1 all within the Maya app.
“Maya is all about challenging conventions – and this translates into the experience we’re giving our users with this new all-in-one money app. With this transformation, we want to enable Filipinos to make bolder choices with their money and seize opportunities – big and small,” – Shailesh Baidwan, President of PayMaya, and Co-Founder and Board Member of Maya Bank
Last month, PayMaya—now Maya— priorly launched crypto offerings within its app as it partnered with US-based cryptocurrency wallet and exchange Coinbase. (Read more: How to Buy Crypto, BTC, ETH, ADA, on PayMaya Philippines)
Moreover, the fintech firm also expressed its interest in venturing into the non-fungible token (NFT) market and said that it is eyeing “big targets” for 2022.
“We are combining the power of an innovative wallet and a secure, progressive digital banking experience powered by BSP-licensed Maya Bank to transform how Filipinos experience money. This unparalleled digital app experience is supported by Maya Business, the country’s leading payment processor for enterprises, and the widest on-ground network of Maya Center agents,” Baidwan added.
Currently, Maya has 47 million Filipino users–more than two-thirds of the adult population in the Philippines–and is a step closer to their goal of taking a larger share of the country’s vast “unbanked” segment and small to medium-sized businesses.
This article is published on BitPinas: PayMaya Rebrands to “Maya” After Launching Crypto Offering
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