Filipinos are increasingly moving away from the clutter of competing QR codes at checkout counters as the new unified QR Ph system simplifies payments nationwide.
Leading this digital transformation is Maya, the Philippines’ leading digital bank and payments processor, which has captured a dominant 45% market share in peer-to-merchant (P2M) QR Ph transactions as of October 2024.
“As the first to adopt QR Ph for both Peer-to-Peer (P2P) and P2M transactions, we’re fully committed to the universal QR Ph vision,” said Shailesh Baidwan, Maya Group president and co-founder of Maya Bank.
“This isn’t just about easier payments; it’s about building an inclusive financial ecosystem that empowers Filipinos with access to credit and other essential financial tools,” added Baidwan.
QR Ph: A game-changer for digital payments
Introduced by the Bangko Sentral ng Pilipinas (BSP), QR Ph unifies fragmented payment systems, streamlining transactions for both consumers and businesses.
Before its implementation, merchants were burdened with managing multiple proprietary QR codes, creating a cumbersome and confusing experience for customers.
Now mandated by the Philippine Payments Management, Inc. (PPMI), all merchants are required to display a unified QR Ph standee, easily recognizable by its white background, blue, yellow, and red logo, and the “SCAN NA ALL!” tagline.
This standardization significantly improves the customer experience and fosters greater adoption of digital payments across the country.
Maya: Leading the charge in digital finance
Maya’s commitment to financial inclusion is evident in its rapid growth. The company achieved PHP39 billion (US$666.88 million) in deposit balances by the end of 2024 and disbursed PHP68 billion (approximately $1.16 billion) in loans during the year.
Since 2022, Maya has disbursed a total of PHP92 billion (US$1.57 billion) in loans, empowering individuals and businesses with access to much-needed capital.
“Banking should be simple and empowering,” emphasizes Baidwan. “By seamlessly integrating payments and banking within a single, user-friendly digital experience, we’re enabling more Filipinos to save, borrow, and grow their money with ease.”
Maya’s commitment to user-centricity is evident in its streamlined account opening process, requiring only one ID and with no minimum balance requirements.
Consumers can easily apply for loans of up to PHP250,000 (US$4,270) and receive approval and disbursement within the same day through the Maya app. For entrepreneurs, Maya offers collateral-free loans of up to PHP2 million (US$34,190), providing crucial working capital to support business growth.
In October last year, the company achieved a record milestone by disbursing a total of PhP 67 billion in loans by the end of September, thanks to its use of artificial intelligence (AI) for credit evaluation.
This achievement highlights Maya Bank’s commitment to expanding loan accessibility, particularly for Filipinos who often face challenges with traditional lenders.
Maya Card: Leading the way in prepaid cards
Beyond its core banking and lending services, Maya continues to innovate. Recognized by Visa as the top prepaid card issuer in the Philippines for three consecutive years (2021-2023) now, the Maya Card has become the fastest-growing card in the country.
“We’ve made it incredibly simple for millions of Filipinos to get a card,” says Baidwan. “This ease of access particularly resonates with the youth, who use it not only for everyday purchases but also as a reliable companion for global travel.”
Obtaining a Maya Card is effortless. Customers with an upgraded account can easily request a virtual and physical card through the app without the need for additional documents.
This seamless experience underscores Maya’s commitment to providing convenient and accessible financial solutions for Filipinos.
Maya is at the forefront of driving financial inclusion in the Philippines through its innovative digital solutions, strong partnerships, and unwavering commitment to customer experience.
With its leadership in QR Ph adoption, rapid loan growth, and the success of the Maya Card, Maya is poised to continue its trajectory as a leading player in the country’s evolving digital financial landscape.