PayMaya Has Been Rebranded as Maya
While some people perceive the presence of fintech in the Philippines started only recently, Filipinos started benefiting from fintech when they started remit money to their loved ones and to pay for loads using analog mobile phones over a decade ago.
Over the past five years, people have witnessed the evolution and influx of fintech in the country. From money transfers, payments, insurance, and lending to e-wallets, fintech firms made financial services a lot easier and more widely available among Filipinos.
Mikka Montero, a financial journalist from Allthebestloans.com, notes that used to be serviced provided exclusively in banks is now accessible within a few taps on your smartphone. As fintech in the country continues to advance, its services widen and become smarter.
Introducing Maya
One of the fintech’s recent news is the transformation of PayMaya to Maya. True to its tagline, Maya has all the money-related services a user needs, Maya Wallet, Maya Crypto, Maya Credit, and Maya Savings, among others.
Finance mobile app, PayMaya has finally rebranded its app to Maya and explained that users would get to experience new services as the fintech company successfully launched its digital bank, Maya Bank.
Maya used to be an e-wallet with services limited to what other e-wallets can offer. Its recent change made it a feature-rich online wallet app inclusive of a credit line, crypto feature, digital bank, and everything it takes to help users.
Deposits in Maya Bank will have a 6% annum interest rate, and users can now access new features like crypto under the Money Makers section, where they can conveniently buy and sell cryptos like Uniswap, Cardano, Ethereum, and Bitcoin, to name a few.
Through its new identity, Maya combined the highly sought PayMaya e-wall features along with new attributes such as cryptocurrency and an advanced digital banking experience driven by Maya Bank that will enable users to spend, save, invest, grow, and master their money using their smartphones.
Maya Bank is currently among the top six licensed digital banks in the Philippines—the other banks include GOtyme, Union Digital, UNObank, Tonik Digital Bank, and Overseas Filipino Bank.
According to the Bank Sentral ng Pilipinas (BSP), digital banks are the newest bank category separate from current bank categories. It’s a form of banking where banking services are delivered over the internet.
What are the Newest Features of the Maya App?
· Wallet – Users can enjoy their favorite wallet features such as bank transfer, buy load, pay bills, QR and cash-in for free at more than 90,000 touchpoints nationwide.
· Crypto – Maya enables users to sell, buy, spend, and hold their crypto earnings.
· Credit – Maya provides up to PHP 15,000 with Maya Credit in as quick as one minute upon registration. This feature is currently on Early Access, but we’ll teach you later how to loan on in PayMaya.
· Savings – Maya provides a 6% introductory rate for its Maya Savings—one of the highest provided in the business.
How to Loan on PayMaya?
Are you one of those people wondering how to loan on PayMaya? There’s no need for you to worry because this section has got you covered.
If you are ready to get started with your Maya journey, here’s a brief how-to guide. Before you can avail of their loan services, you should open an account first.
1. Download the Maya app from the Google Play Store or App Store, depending on your mobile phone.
2. Complete the online signup form. Click the Continue button once you are done.
3. Read and understand the Data Privacy Policy page and tap the Agree button.
4. Enter the verification code sent through SMS, then click Verify.
5. Check the View Card button and give your birthdate and address.
6. Present all the needed details under the Online payment Card Number page, and a confirmation message will be sent for your Maya account activation.
Once you complete these steps, you can use all the Maya app features, including how to loan on PayMaya. How cool is that?
Here’s how you can avail of the loan or credit services from the Maya app.
1. Go to the Credit dashboard in the app and click Sign up for Maya Credit.
2. If you are qualified for the credit, you will find an Activate Now button.
3. To become qualified for Maya Credit, complete your account and continue using the other services actively.
For qualified users, here’s how you can activate your Maya Credit.
1. Click Activate Now on the Credit dashboard.
2. Check all your credit information and set your ideal bill date.
3. Review and accept the Terms and Conditions.
4. Enter your OTP (One-Time PIN) to get a real-time update of your application.
Now that you understand how to loan on PayMaya, you can now take advantage of their loan services. But remember that the loan or credit feature is not open to everyone yet. As mentioned earlier, you must be a pre-selected user by the app to enjoy the PHP 15,000 maximum credit.
But once you’re qualified for the service, you can expect the loan to be transferred to your Maya wallet in a few seconds.
And if you have your own Maya debit card, you can easily withdraw it from your nearest ATM machine or transfer it to your bank account.
Final Thoughts
There’s no doubt that Maya lives true to its tagline—it is everything and a bank. It is the newest must-have app for everything money-related. After all, who wants to deal with different apps anyway?
The Maya app has everything you need in a financial app—bill payment, crypto, credit, savings, load purchase, send or receive money, bank transfers, and so much more! It is your one-stop shop for everything.
If you have not downloaded, signed up, and upgraded your account yet, this could be the perfect time to do so. So, what are you waiting for? Take advantage of the 6% savings interest, buying and selling crypto, cashback, and deals Maya is offering.
On top of that, convenience is what you are all after, right?
We hope you find this guide informative and useful at the same time. Share your thoughts by leaving your comments below.
