Maya expands credit access with deposit-backed card, redefining how Filipinos build financial trust

Maya, the country’s leading all-in-one finance app and top-ranked digital bank, is reshaping how Filipinos enter the formal credit system through a new deposit-backed model that makes responsible credit more accessible to everyday consumers.

In a market where only around 15% of Filipino adults own a credit card, Maya’s innovation is providing an alternative path for those long excluded from traditional lending.

The company revealed that 37% of its Maya Black credit cardholders now come from its Maya Black Express program — a deposit-backed credit product that helps users establish or rebuild their credit history.

This shift marks what industry observers call a structural evolution in consumer credit, as more Filipinos leverage digital platforms to gain access to financial tools once limited to the few.

“When given the right entry point, Filipinos are ready to engage with credit on their own terms,” said Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank. “Maya Black Express provides both dignity and discipline — perks from day one, and a clear path to grow responsibly.”

Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank

A new route into credit

For decades, the country’s credit card industry has struggled with a “catch-22” problem: people can’t get credit without a history, and they can’t build a history without credit. Maya Black Express directly addresses that gap by using customer deposits as both collateral and capital for credit access.

Through the product, customers place an Express Deposit — starting at ₱12,500 — which earns 3.5% annual interest while determining their credit limit (up to 80% of the deposit). The setup effectively allows consumers to “lend to themselves” in a safe, regulated environment while earning interest on their funds.

Approved users receive a numberless, security-enhanced credit card with a dynamic CVV, no annual fees for life, and premium travel perks, including global lounge access and the digital bank’s miles rewards boosters from select merchants.

Unlike traditional secured cards that typically limit features for first-time users, the digital bank’s model offers full benefits from day one, making entry-level credit a rewarding experience rather than a restrictive one.

“We’re cutting the wait out of credit,” Baidwan added. “Traditional secured cards make you fill forms and line up. With Maya Black Express, you’re approved easily — no paperwork, no branches. It’s credit designed for the digital age.”

Responsible growth in the digital era

The approach reflects the bank’s ongoing effort to expand credit participation while maintaining strong risk management. By linking credit limits to deposits, the company reduces default risk while empowering customers to demonstrate repayment reliability. Over time, consistent payments enable users to “graduate” to standard credit lines with their deposits fully returned — a model designed for responsible financial growth.

Nearly 40% of cardholders today are first-time credit users, underscoring the growing role of digital-first banking in shaping consumer finance habits.

The Bangko Sentral ng Pilipinas (BSP) has long identified limited access to formal credit as a major barrier to financial inclusion. BSP data from 2021 showed that more than half of Filipino adults (56%) found it difficult to obtain a credit card, while TransUnion’s 2023 report pegged overall credit card penetration at just 15%.

By streamlining approvals and lowering entry barriers, the digital bank aims to unlock the country’s untapped credit market — particularly among digital-native consumers who already use the company’s app for payments, savings, and investments.

Driving financial inclusion through innovation

The rise of deposit-backed credit products reflects a broader fintech movement toward inclusive, data-driven banking.

Rather than relying solely on traditional credit scores or employer-based qualifications, the digital bank’s system lets behavior — such as deposit activity and payment consistency — speak for itself.

For the company, it’s not just about issuing more cards; it’s about redefining how credit is earned, approved, and rewarded. The model fits into the company’s larger vision of building an ecosystem where everyday Filipinos can spend, save, borrow, and invest seamlessly through a single app.

As the 2025 holiday season approaches — typically a peak period for digital payments and online shopping — the digital bank’s move to broaden credit access could prove pivotal for both consumers and the digital economy.

By lowering entry barriers and giving users real financial agency, the company is not only expanding credit access but also building financial confidence for a new generation of digital-first Filipinos.