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E-commerce is growing in the Philippines, despite the country's large unbanked population. In a country where 4 in 10 adults in the country have no access to banking services, digital payments are widely used — driven by the rise of e-wallets.
E-wallets typically require only a mobile phone number and an ID card for identity verification, thus offering a significantly lower barrier to entry than creating a bank account. In fact, 7 in 10 people in the Philippines prefer e-wallets to debit or credit cards when making payments. By 2025, over 80 million people in the Philippines — roughly 70% of the population — is expected be registered e-wallet users.
Given this trend, it's essential for businesses entering or expanding in the Philippine market to offer cashless payment methods, such as e-wallets.
One popular e-wallet is Maya (previously called PayMaya). Read on to learn what Maya is, how it works, why it's so popular with Filipinos, and how to use it as a payment method for your business.
Overview of Maya wallet and its features
Maya positions itself as "the all-in-one money app for every Filipino" — basically a financial superapp. Here's what that includes:
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E-wallet |
Savings account |
Investments |
Maya Credit |
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Loans |
Rewards |
Payments |
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Why is the Maya wallet so popular in the Philippines?
Easy registration process
It's comparatively easier to sign up for a Maya wallet account than to open a bank account or apply for a credit card, as applicants only need to provide one valid form of ID for the registration process.
This easy registration process has allowed Maya to capture a large portion of the Philippines' unbanked market. In turn, having access to the Maya Wallet has enabled formerly unbanked Filipinos to have access to online and international shopping.
It's just as easy to apply for Maya Credit. In fact, 59% of Maya's borrowers say Maya Credit is their first-time having access to a line of credit. By contrast, only 4% of borrowers could access bank loans.
According to Maya's data, most users primarily turn to Maya Credit to pay for important financial obligations like bill payments. That said, accepting Maya Credit payments could potentially boost sales for merchants, as it provides more wiggle room for customers to spend on high-value purchases. Additionally, Maya's Group President states that Maya e-wallet users who use the app's credit and savings features tend to transact up to three times more often than those who use the app for payments only.
Ease of use
Maya allows users send and receive money, pay bills, buy mobile credits, shop online, save, and invest in stocks — all in a single app. This removes the need to switch between multiple banking or finance apps. Users can also access their financial records, such as account balances and real-time transaction history, on the app.
Frictionless payment experience
Maya also boasts an easy-to-use user interface. With just a few taps, users can make payments by clicking a link or by scanning, uploading or generating a QR code.
Such a smooth payment experience is key to a merchant's success. The less friction the users encounter while shopping—especially in the online checkout process—the more likely they are to complete a purchase.
Omnichannel payments
Thanks to Maya's e-wallet app and physical card, users can make purchases both online and offline, making it an attractive omnichannel payment option. Maya Business — the brand's B2B service, formerly named PayMaya Enterprise — was named the top Omni-Channel Payments Processor in the Philippines from 2021 to 2023.
A payment method consumers can trust
Maya has attained Payment Card Industry Data Security Standard certification, an international information security standard for credit card companies. It also has security features to assess customer profiles, authenticate transactions, and check cards' verification codes. Maya is also licensed by the Bangko Sentral ng Pilipinas.
Due to these robust security measures, Maya was recognized at the Shield Trust Award at Trust Summit Asia 2022 in Singapore and the Privacy Initiative of the Year Award at the Privacy Awareness Week Awards 2022 in the Philippines.
Keeping users engaged with goals and gamified perks
Maya offers 'Personal Savings', a feature that encourages people to set aside money for specific goals, such as saving for a high-value purchase like a new gadget or jewelry. Savings accounts earmarked for personal goals generally offer a higher interest rate of 4%, compared to many traditional banks that offer less than 1% base interest rate.
Maya e-wallet users can also boost their savings interest rate by meeting certain conditions, such as spending a minimum amount through the e-wallet or using the app to pay bills. As mentioned above, these types of active userstend to make more transactions on the app.
Easy-to-get physical and virtual card
Maya app users get a virtual card, which they can use to pay for transactions that require debit or credit cards. Customers who have verified their identities through the app can also get a physical debit card, which can be used for both online and offline purchases, as well as for withdrawing cash at ATMs.
What payment methods does the Maya wallet offer?
Maya offers a variety of ways to pay for purchases. When shopping online, customers can pay by:
- Transferring funds to the merchant online from their Maya e-wallet balance
- Transferring funds to the merchant online from their Maya savings account
- Providing the details of their Maya virtual card or physical debit card upon checkout
Merchants can open a Maya business account to start receiving online payments. Businesses can provide their phone number or Maya bank account number to customers for receiving payment. They can also share a payment link or QR code, or even allow customers to link their Maya personal accounts to the e-commerce website's payment portal.
Maya also features a recurring payments system, which is useful for subscription services.
Where does Maya wallet operate?
Maya currently operates only in the Philippines. However, the Maya card can be used like a debit card in over 200 countries to make payments in-store or withdraw cash from any international ATM. Maya is also integrated into the Grab super app, which means it can be used as a payment method in all the Southeast Asian countries where Grab works.
The Maya e-wallet app can also be used abroad using a roaming SIM card number. This makes it perfect for Overseas Filipino Workers (OFWs) who often send money to their loved ones back in the Philippines. OFWs can even pay for government and utility bills right from the app.
How can merchants outside the Philippines accept payments from the Maya wallet?
It's easy to start accepting Maya wallet payments for your business. With a payment service provider like Antom, you can offer Maya directly on your website or app, or add it as a plugin if you're using Shopify or WooCommerce. Adding on payment methods as you need is just as easy, which means you can accept payments from multiple e-wallets, and leverage Antom's payment solutions, such as Checkout Payment or Scan to Link, making payments simple and secure for Filipino shoppers.
Antom's payment platform is well-suited for companies expanding globally – with one single integration, you can offer more than 250 payment methods across over 150 markets.
Contact us today and find out how to you can add Maya and other e-wallets to your payment method mix, to help you reach a wider audience.
FAQs about Maya Wallet
Is it easy for Filipino customers to add funds to their Maya wallet for shopping purposes?
Yes! Customers have a wide variety of cash-in options. They can do so via linked banks, partner merchants, convenience stores, self-service kiosks, department stores and supermarkets, remittance centres, and other banks via InstaPayor PESONet.
Want to offer Maya Easy Credit in your store?
For local merchants who've applied for the Pay with Maya payment solution, Maya Easy Credit will be automatically activated.
Alternatively, you'll need to prepare specific documents depending on your type of business (individual or sole proprietorship, partnership, or corporation), you will need to prepare specific documents and contact Maya to apply as a Maya Credit Merchant.
For merchants outside of the Philippines, consider partnering with a payment service provider with a wide global reach like Antom to help you gain access to Maya Credit as a payment option.
How to receive money via mobile wallets
If the payee is using Maya, they can send you money using any of the following identification methods:
- Your unique Maya username
- Your Maya wallet QR code
- Your Maya mobile number
If the payee is using another bank or e-wallet (Instapay or PESONet), you will need to provide them with the following details:
- Bank: PAYMAYA PHILIPPINES
- Your first and last name
- Your Maya mobile number
