FOLLOWING the launching of Maya Bank, PLDT-led digital wallet PayMaya has rebranded to Maya, featuring its all-in-one money app for consumers.
In a statement, 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.
Touted as “everything and a bank,” the Maya app is set to revolutionize how Filipinos manage their money.
In a virtual press conference, PayMaya president Shailesh Baidwan said as the company strengthens its footprint in digital banking it vows to cater to the needs of the micro, small and medium enterprise market which he described as a “massively underserved” market.
He noted that the firm also wants to be useful in the country’s goal to boost digital and financial inclusion.
The new Maya brand will be reflected across its ecosystem – including its leading enterprise payments solutions with Maya Business (formerly PayMaya Business) and across its widest on-ground network of Maya Center (formerly Smart Padala) agents across the Philippines.
$210M funding
The launch of the new brand Maya and Maya Bank also comes at the heels of the recent US$210 million funding round of Voyager Innovations (Voyager), the parent company of both PayMaya and Maya Bank.
This latest fundraising propelled Voyager to unicorn plus status at a valuation of nearly US$1.4 billion. PLDT remains the largest shareholder of Voyager, infusing US$62 million in the latest funding round.
Maya’s integrated ecosystem approach that seamlessly combines digital payments and digital banking uniquely positions it among other e-wallets, banking, and fintech services in the Philippines.
As of end of March 2022, Maya had over 47 million registered users across its consumer platforms. Maya Business, the Philippines’ leading non-bank enterprise payments processor, enables over 630,000 online and face-to-face touchpoints to accept digital payments from e-wallets and QR to any credit, debit and prepaid card.
Maya Center
Meanwhile, Maya Center is bridging underserved Filipinos to digital finance, with over 63,000 agent network touchpoints across the nation.
“PLDT and Smart are continuously expanding and enhancing the digital ecosystem available to Filipinos through synergies with Maya. This collaboration underscores our efforts in putting the needs of our customers first, as they are the North Star of all our group-wide efforts. Through Maya’s platforms, backed by the widest network coverage of PLDT and Smart, we can elevate the quality of our customers’ experience,” said PLDT Inc. president and chief executive officer Alfredo Panlilio.
“The launch is just a beginning. So much work lies ahead. Our teams at PayMaya and Maya Bank know that our high aspirations can only be reached with imagination, perseverance and plain grit,” added Manuel V. Pangilinan, chairman of PLDT and Voyager.