Maya Philippines has partnered with global payments provider Fexco to introduce its new Dynamic Currency Conversion (DCC) service, allowing foreign customers to pay in their home currency across its extensive merchant network via Maya Business.
Photo shows (from left:) Miggy Confesor, Fexco PH key development manager; Peter Cruz, Maya head of Enterprise; and John Casey, Fexco VP for Asia, during the agreement signing.
This latest offering is set to roll out on approximately 112,000 Maya Business in-store terminals nationwide, providing a more seamless and convenient payment experience for international visitors.
The DCC service, a first-of-its-kind initiative from Maya, enables international customers to view and settle their transactions in their preferred currency directly at the point of sale.
This means that visitors can know exactly how much they’re spending in their local currency without needing to calculate conversions on their own, making it easier to budget and understand costs.
Earlier this year, Maya Philippines achieved a record milestone after disbursing a total of PhP 67 billion in loans around the end of September, thanks to its use of artificial intelligence (AI) for credit evaluation.
Maya Philippines: Enhancing the shopping experience for tourists
By eliminating the currency conversion guesswork, Maya Philippines aims to enhance the shopping experience for tourists and increase transparency in transactions.
“The introduction of Dynamic Currency Conversion (DCC) is a key step in enhancing our service offering, especially as we continue to expand our reach in a rapidly growing tourism market,” said Pete Cruz, head of enterprise at Maya. “With this service, we’re not only elevating customer experience but also empowering our local merchants to offer world-class payment options that are competitive in the global tourism landscape.”
The new service comes at an opportune time as the Philippines continues to see a resurgence in international travel. According to the Department of Tourism, the country welcomed over 5.4 million international visitors in 2023, with arrivals steadily increasing as travel restrictions ease and tourism infrastructure strengthens.
As more foreign tourists explore the Philippines’ scenic destinations, Maya’s DCC service offers a timely solution for the growing demand for hassle-free, tourist-friendly payment options.
The DCC rollout is part of Maya Philippines’ broader strategy to leverage technology for financial inclusivity and growth within the local business ecosystem. By integrating this service, Maya Philippines provides local businesses—from retail stores to hospitality venues — with an additional tool to attract and better serve international clientele. For local merchants, DCC means enhanced service, reduced payment friction, and potentially higher revenue from tourist spending as the convenience of paying in home currency may encourage more purchases.
To implement the DCC service, Maya Philippines collaborated closely with Fexco, a global leader in dynamic currency conversion and payment services. Known for its expertise in providing seamless foreign exchange solutions, Fexco is headquartered in Ireland and has a track record of delivering cutting-edge payment services for global markets. The partnership brings Fexco’s extensive experience and advanced technology to Maya’s network, ensuring secure and accurate currency conversion processes.
Local businesses are welcoming the new feature, viewing it as a competitive advantage in the tourism sector. The option to pay in local currency at point of sale has become an increasingly popular expectation among global travelers, particularly in countries that attract a high volume of tourists from diverse backgrounds.
Now, with DCC-enabled terminals, Maya merchants across the Philippines — from bustling retail hubs in Manila to beachfront stores in Boracay — can offer a payment method that resonates with international visitors. In addition to boosting foreign customer satisfaction, the DCC service also has potential benefits for Maya Business merchants in the form of incremental income.
As Maya Philippines and Fexco process the conversions, a small fee is embedded within the exchange rate, offering an opportunity for merchants to earn additional revenue with each DCC transaction.
Maya’s introduction of DCC aligns with the government’s aim to bolster the country’s tourism industry and the Department of Tourism’s goals to improve the Philippines’ competitiveness as a global destination.
By facilitating easier transactions for visitors, Maya Philippines is helping to create a welcoming environment for tourists, which in turn supports the broader economy. With the DCC feature, Maya also bolsters its reputation as a leader in digital finance and payment innovation, joining the ranks of international payment providers offering multi-currency options.
As Maya’s DCC service takes root across its expansive merchant network, the company plans to continue innovating and expanding its suite of digital payment solutions, reinforcing its commitment to empowering Filipino businesses and enhancing customer experiences in a thriving digital economy.