Maya Business, a digital payment system that has provided entrepreneurs a solutions platform where security is of top most importance. It is also recognized as the #1 Omni-Channel Payments Processor for three years in a row, and has cemented its position as the Payments Backbone of the Philippines.
Visa, a world leader in digital payments, presented Maya Business with an award for having processed the highest e-commerce payment volume and the largest share of contactless transactions in the Philippines for each year from 2021 to 2023.
It now powers nearly a million formal businesses, reinforcing its status as the Philippines' Top Merchant Acquirer and a driver of economic growth and digital innovations.
Maya Business boasts a remarkable 170% year-on-year growth in its active merchant base in December 2023, powering digital payments for the country's largest retailers such as shopping malls, quick-service restaurants (QSRs), the fuel sector, transportation apps, e-commerce platforms, government agencies, and micro-merchants.
Maya Business also tops the market in card and QR Ph transactions, making it the #1 Omni-Channel Payments Processors. It enables businesses big or small to accept credit, debit, e-wallet, QR, and other emerging methods in-store, online, and on mobile apps- reducing reliance on cash and promoting safety, convenience, and increased operational efficiencies.
It has also led the charge in enabling enterprises to accept QR Ph payments, processing about half of the total QR Ph transaction value for Person-to-Merchant (P2M) payments for 2022 and 2023, based on BancNet data.
"Driving the Philippines towards a cash-life future is truly energizing. Every transaction via Maya Business not only marks a significant leap towards a more digitized economy but also boosts efficiencies for businesses big and small. This transformation enhances safety and convenience for all," said Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank.
Maya Business is part of the Maya Group's broader fintech ecosystem, catering to MSMEs and large business. Meanwhile, the Maya app, recognized as the top-rated local finance app, serves all types of consumers.
Maya Business has revolutionized digital payments for Philippine enterprises, transitioning them from dealing with multiple providers to a unified platform where convenience meets security.
Through tools like Maya Checkout, Maya Terminal, and Maya QR, merchants can process various payments including debit, credit, e-wallet, and QR. They can reach global customers through Visa, Mastercard, JCB, Amex, WeChat Pay, and Alipay, as well as local clients via BancNet, QR Ph, GCash, GrabPay, ShopeePay, beep, and Maya.
Maya Business is also at the forefront of adopting the unified QR Ph standard for the micro, small, and medium enterprises sector, being the first to adopt QR Ph for business and personal transactions.
Maya Business merchants are also seamlessly connected to the growing base of highly engaged May app users for various purchases, from shopping and dining to subscriptions.
Launched in 2015 as an electronic payment platform, Maya has since evolved, integrating digital banking in 2022. This transformation allows Maya to leverage its deep relations and rich customer data to offer high-yield savings and instant business loans. Maya is also solving the significant credit gap for MSMEs, which traditionally access only 4% of total bank loans, according to BSP.
In 2023, Maya Business introduced the innovative 1-2-3 Grow Bundle from SMEs, featuring QR Ph payments at reduced rates, enticing savings with a 2.5% annual interest rate, and prospects for significant credit lines after three months of engagement with Maya's services.
Micro-enterprises, starting with Maya Center agents, now have access to instant credit through services like Maya Advance, thanks to Maya's insightful use of payment history and app engagement for credit assessment.
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