From a mobile phone card to a digital bank: the evolution of Maya
In short: Originally launched in 2000 as a pioneering mobile-linked card, Maya has transformed into a comprehensive financial ecosystem in the Philippines. Today, it operates as both a digital wallet and a licensed bank, serving millions of users with everything from cryptocurrency trading to high-interest savings and rapid digital lending.
The journey of Maya began in December 2000 with the launch of Smart Money, a service marketed as the world's first card linked to a wireless phone. By 2016, the platform rebranded to PayMaya and quickly hit a milestone of $1 billion in processed transactions. In 2022, the service underwent a major overhaul, rebranding as Maya to coincide with the launch of Maya Bank. This evolution split the platform's operations into two distinct entities: Maya Philippines, Inc., which manages the digital wallet and business services, and Maya Bank, Inc., which handles savings and loans.
Maya Bank has rapidly established itself as a significant player in the Philippine financial sector. Within five months of its launch in 2022, it reached 1 million registered customers and secured PHP 10 billion in deposits. By August 2023, these figures grew to 2.3 million clients and PHP 25 billion in deposits. The bank's growth is supported by competitive interest rates, which have reached as high as 10% per annum for qualified account holders during promotional periods. Its lending arm, Maya Loans, has also been highly active, issuing over PHP 10 billion in credit between April 2022 and June 2023.
Beyond traditional banking, the Maya app serves as a versatile hub for digital life. Users can manage fiat currency, trade cryptocurrencies like Bitcoin and Ethereum, and access a network of 55,000 partner agents known as Maya Centers, which provide financial services to underserved communities. The platform has received numerous accolades for its innovation and security, including recognition from Forbes and the World Digital Bank Awards. Most recently, in 2025, the app expanded into entertainment by introducing BeetzePlay, a streaming network for short-form drama series, further integrating digital consumption into its financial platform.
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Sources
- Summary by Intellect · source: Maya (mobile payments)
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