PayMaya now 'Maya' ahead of digital bank launch
By Nidz Godino
"Sellers only need to generate Request Money link or get their QR Ph code by going to PayMaya app, clicking User Profile icon on the top-left portion, and tapping on the QR code icon next to their name and mobile number," PayMaya rebranded its app to Maya and said users will get to experience new services as fintech firm gets ready for the official launch of its digital bank.Deposits in Maya Bank will have a 6 percent per annum interest rate, according to the app.
Users will be able to access new features such as crypto under its "Money Makers" tab where they can buy and sell cryptocurrencies such as Bitcoin, Ethereum, Cardano and Uniswap, among others.
On the same menu, users can also access its savings and credit features, which are both still in beta mode.
Maya Bank, along with 5 other firms, secured digital banking license from Bangko Sentral ng Pilipinas in 2021.
Singapore-based Tonik bank also earlier introduced its digital bank with up to 6 percent interest rate for time deposits. Some digital banks offer lower interest rates at 2 to 4.5 percent.
The app still has a suite of financial tools including send money, bills payments and loading capability.
PayMaya president Shailesh Baidwan earlier said they would soon test "crypto-ready" Maya Bank.
PLDT Inc chairman Manny Pangilinan earlier said new Maya Bank would be "game-changer."
In April, Voyager Innovations has raised $210 million (P10.9 billion) in new funds, which will be used to expand PayMaya and to launch new digital bank Maya Bank.
New investor SIG Venture Capital led the most recent funding with Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd, it said.
Existing shareholders include PLDT Inc, KKR, Tencent, the International Finance Corp, and the two funds managed by the IFC Asset Management Company, namely the IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
PayMaya has total of 44 million registered customers as of the end of 2021.
PayMaya has introduced a new feature on its mobile app that lets online sellers accept cashless payments on Viber, Messenger, Instagram, and other social media and chat apps.
Online sellers can use Paymaya app's Payment Links and QR Ph features to generate a link or QR code to accept payments, the mobile wallet operator said.
They can then send this payment link or the screenshot of their QR Ph code to their customers via social media and chat apps.
"Meanwhile, buyers only need to tap on the link sent by the seller or scan or upload the seller's QR Ph code through the PayMaya app to make a payment," Paymaya said.
The seller's PayMaya account details will then be automatically filled in the buyer's PayMaya app, and they can just enter the amount or press Pay, the company said.
Paymaya said COVID-19 pandemic has led to surge in the number of online and chat sellers using the app.
"Filipinos are adept in using digital tools such as social media and chat apps, and at PayMaya, we are here to make it easier to pay and get paid," said Paymaya president Shailesh Baidwan.
QR Ph is the national QR code standard launched by BSP in 2019.
PLDT-backed fintech PayMaya has expanded its cash-in channels to over 90,000 touchpoints nationwide to allow users of the app to easily fund their accounts.
Sixty percent of these cash-in channels offer service for free. These include BPI online banking via linked account, Ministop, and Smart Padala.
Paymaya has also partnered with 7-Eleven, Robinsons Supermarket, Robinsons Department Store, SM Hypermarket, SM Supermarket, The SM Store, Landers, Super8, Southstar Drug, Bayad Center, Easymart, EC Pay, LBC Express, No Brand, Palawan Pawnshop, Posible, RD Pawnshop, Savemore, Shopwise, The Marketplace, among others.
"These establishments also allow PayMaya users to cash in to their accounts for free for a monthly aggregate amount of up to P10,000," the company said.
The fintech firm has said that the number of users of its app expanded to 38 million in just a year and a half.
Earlier this year PayMaya also launched its own virtual mall and announced payments service through chat apps.
Last July, Voyager Innovations, the operator of PayMaya, secured $167 million for expansion into financial services, digital banking.
Share prices of PLDT and its rival Globe Telecom have surged in recent weeks, with analysts crediting the growth of telcos' fintech units for the investor interest.
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