While most digital banks in the country only offer fiat-related transactions, Maya Bank, powered by the e-wallet Maya app, also supports cryptocurrency transactions.
Digital banks offer financial products and services exclusively through digital platforms and channels, reducing dependence on physical locations.
Maya Overview
Maya Bank, backed by PLDT’s Voyager Inc., obtained a license from the Bangko Sentral ng Pilipinas (BSP) in September 2021 making it the sixth digital bank.
The digital bank is affiliated with the local e-wallet application, Maya. Bank products are accessible within the app, requiring users to initially register with Maya and subsequently upgrade their account by providing at least one valid ID to avail themselves of Maya’s bank products and additional benefits. The digital bank also powers the products Maya Business and Maya Center.
In 2022, it introduced a feature allowing clients to utilize customized, unique usernames for transactions. This initiative aims to address concerns about anonymity and security, particularly in response to identity thefts, text scams, and phishing incidents that have been facilitated by exposed and easily accessible information, including full names and mobile numbers on wallets. These usernames can also be put in Maya’s ATM Cards.
Five months after its launch, Maya shared that it registered 1 million customers and accumulated ₱10 billion in deposits. Just a month before that milestone, the digital bank disclosed that it reached 650,000 customers and five billion pesos in deposit balances by the end of July 2022.
Read: Maya Bank President on Blockchain Regulation
Services Offered
Users can engage in various financial transactions such as depositing, saving, borrowing, and trading cryptocurrencies. Additionally, they can avail themselves of services such as money transfers, shopping, and savings, all without the requirement of maintaining a minimum balance.
In August last year, Maya introduced the feature “Maya Mutual Funds,” enabling users to invest with a minimum of ₱50. It offers investments in 13 companies, including Google, Apple, and Tesla. Maya’s Head of Invest, Alvin Wong, shared the announcement on LinkedIn.
Deposits are insured by the Philippine Deposit Insurance Corporation for up to ₱500,000 per depositor, and the app was noted to be regulated by the BSP for safety and security.
Other Services are:
- Maya Credit: A credit line with a limit of up to ₱18,000, allowing customers to transfer cash to their wallet or make direct payments to partner merchants online or in-store.
- BNPL Pay-in-4: A short-term loan product enabling customers to purchase goods on credit and pay in four installments every two weeks.
- Maya Savings: A high-interest consumer digital savings account with daily interest income payouts.
- Personal Goals: A customizable goal-based consumer digital savings account that provides monthly interest income payouts.
- Business Deposit: A commercial digital savings account with a monthly interest income payout.
Maya Interest Rate 2024
The interest rates for various accounts offered by Maya are as follows:
- 6% per annum for the Personal Goals Accounts
- 3.5% per annum for the Savings Accounts
- 2.5% per annum for the Business Deposit Accounts,
- 6% per annum for the Time Deposit Accounts
Transaction Fees
| Service | Fee |
| Smart Money or Smart Padala | 1.5% fee |
| ATM Withdrawals | Standard ATM withdrawal fee of ₱15 applies. (Additional fees may apply depending on the bank ATM) |
| Cash In partner channels | 2% of the total cash in amount |
| Bills payment transactions | No charge for bill payments, but additional fees may apply from certain billers |
| Bank Transfers to other local banks | ₱15 |
| Crypto Transaction | Pricing shall consist of the base price which shall be provided by a reputable liquidity provider (including the Third Party Provider) and fees to ensure the proper handling of the transaction. Fees shall consist of, but is not limited to: Transaction Fee, Hedging Cost and FX Cost. |
| Level | Description | New User – Maya Interest Rate | Existing User – Maya Interest Rate |
|---|---|---|---|
| 0 | Base Rate | 3.5% p.a. | 3.5% p.a. |
| 1 | Bonus Interest from ₱250 spend on bills, airtime, QR, Card, Checkout | N/A | 1.5% p.a. |
| 2 | Bonus Interest from ₱500 spend on bills, airtime, funds, QR, Card, Checkout | 8.5% p.a. | N/A |
| 3 | Bonus Interest from ₱1,000 spend via QR, Card, Checkout | N/A | 1% p.a. |
| 4 | Bonus Interest from ₱3,000 spend on QR, Maya Shop with Credit | N/A | 1% p.a. |
| 5 | Bonus Interest from ₱25,000 spend on QR, Card, Checkout | N/A | 2% p.a. |
| 6 | Bonus Interest from ₱35,000 spend on QR, Card, Checkout | N/A | 2% p.a. |
| 7 | Bonus Interest from referring a friend with Maya @username | 1% p.a. *For 15 days per referral *Max 2 referrals/month | 1% p.a. *For 15 days per referral *Max 2 referrals/month |
| 8 | Bonus Interest from Smart Postpaid code and ₱999 bills payment | 1% p.a. | 1% p.a. |
| Total Interest Rate | 14% | 13% |
How do you increase Maya interest rate to 14%?
- Boost the interest rate on Saving Accounts to up to 14% by buying airtime load, paying bills, or using Maya to pay via QR, card, or mobile number.
- Be one of the four winners of unlimited flights to Fukuoka, Taipei, Hong Kong, Cebu, and Davao when using Maya to save, spend, invest, and borrow to earn raffle entries.
- For new users, free cash-in and transaction fees via InstaPay, fee insurance, and a ₱50 referral reward.
- Get a free Maya Card when opening a Maya Savings account, deposit, and spend ₱250.
- +1% cashback on all Maya card international transactions.
- Receive ₱15, ₱150, ₱1,500 cashback when using Maya to pay bills with at least ₱3,000.
Available Crypto in Maya
- Bitcoin
- Ethereum
- USD Coin
- Polygon (MATIC)
- Litecoin
- Dogecoin
- Solana
- Cardano
- Filecoin
- ApeCoin
- Polkadot
- Avalanche
- Chainlink
- Quant
- Shiba Inu
- Cosmos
- Uniswap
- The Sandbox
- Stellar
- Axie Infinity
- Algorand
- Decentraland
- Tether
How to open an account in Maya
Step 1: Access the Maya app.
Step 2: Enter the necessary personal information.
Step 3: Tap “Agree”
Step 4: Wait for the verification SMS that will be sent to your registered number
Step 5: Enter the verification code on your app
Step 6: Tap “Proceed”
Step 7: To access Maya Bank products, upgrade the account.
Step 8: Provide one valid ID to verify the account.
Step 9: Wait for confimation.
This article is published on BitPinas: Digital Banks in the Philippines: Maya Bank Overview
Disclaimer:
- Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
- BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.
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- Source: https://bitpinas.com/fintech/maya-interest-rate-promotions-overview/
