PayMaya Enterprise is now Maya Business

PayMaya, the country’s largest processor of merchant payments, has relaunched its enterprise brand as Maya Business. 

The new Maya Business seamlessly integrates omnichannel payment acceptance solutions, business-to-business (B2B), and business-to-government (B2G) payments,  with digital banking services powered by Maya Bank, including a high-interest business deposit account and a range of credit products for enterprises and their customers.  

The transformation comes on the heels of the successful launch of the new Maya brand and consumer app in late April this year which saw an accelerated uptake for wallet and digital banking services. 

“With the new Maya Business, we’re creating the future of the enterprise, unleashing digital at a faster speed and on a broader scale,” said Manuel V. Pangilinan, Chairman of Voyager and PayMaya, and Chairman Emeritus of Maya Bank.  

essMaking Big Moves Toward the Digital Transformation of Enterprises: Maya, the Department of Trade and Industry (DTI), and the Bangko Sentral ng Pilipinas (BSP) join forces to accelerate the digital transformation of businesses across the country. In this photo, during the Maya Business Launch event are (L to R): PayMaya Philippines Group President and Maya Co-Founder Shailesh Baidwan, DTI Assistant Secretary Mary Jean Pacheco, BSP Deputy Governor Bernadette Romulo-Puyat, BSP Deputy Governor Chuchi Fonacier, PayMaya Founder-CEO and Maya Bank Co-Founder Orlando B. Vea, BSP Governor Felipe Medalla, DTI Alfredo Pascual, Voyager and PayMaya Chairman and Maya Bank Chairman Emeritus Manny V. Pangilinan, and Maya Bank President Angelo Madrid.  

Accelerating the digital transformation of businesses 

During the event, keynote speakers Department of Trade and Industry Secretary (DTI) Alfredo Pascual and Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla emphasized the need to accelerate the digital transformation of businesses as critical components of sustainable economic growth and inclusion. 

“The BSP welcomes the rollout of new digital financial services that bring the benefits of digitalization to Filipino businesses and end-users. We are creating the right environment, but without enterprises like Maya, it means nothing if the private sector does not find a way of utilizing the opportunities. These efforts contribute to our push to expand financing options for our MSMEs and bring them into the mantle of the formal financial system,” said BSP Gov. Felipe Medalla.  

For his part, Department of Trade and Industry (DTI) Secretary Alfredo Pascual underscored the crucial role of the private sector in helping the Philippines achieve its digital transformation goals.  

“The private sector, with its agile mindset and disposition, has to play a key role, particularly in implementing the digital transformation of large and small enterprises as well as the government itself. Congratulations to Maya for providing a fast and secure financial transaction platform for businesses and consumers,” Pascual said.  

According to the BSP 2021 E-Payments Measurement, business payments account for 24.1% of total monthly retail payments. Supplier payments make up almost 90% of total business payments, but most of these still use non-digital channels.  

Maya Business is committed to accelerating digital transformation among enterprises and consumers in line with the national targets under the Digital Payments Transformation Roadmap 2023 and eCommerce Philippines Roadmap 2022. 

“As a growth and transformation enabler, we are embedding our digital Maya solutions into the operating systems of our merchants, big or small, online or physical,” Orlando B. Vea, PayMaya Founder-CEO and Maya Bank Co-Founder, commented.  

From payments to digital financial services 

“From being a payments partner for enterprises, we’re now an all-in-one growth partner for businesses,” said Shailesh Baidwan, PayMaya Philippines Group President and Maya Bank Co-Founder. “Beyond leadership in payment acceptance, we’re enabling our customers with new digital financial services like business deposit, payroll disbursements,  working capital loans, and buy-now-pay-later products.” 

Maya Business offers merchants the broadest range of payment acceptance solutions, allowing businesses to accept any credit, debit, and prepaid card, scan-to-pay via QR, or via Maya wallet, whether online or on-ground. Solutions include Maya Checkout for online payments, Maya Payment Links for digital invoicing, Maya QR enabled by QR Ph Person-to-Merchant (P2M) payments – the national standard promoted by the BSP, and Maya Terminal, the country’s first android point-of-sale device.  

Business owners and corporations can fast-track their business growth with a fully digital bank account that offers free PesoNet transfers and a 1.5% interest rate, four times higher than traditional banks. This feature is currently available for existing Maya Business clients.   

On top of payment acceptance, Maya Business also offers a disbursement platform that enables organizations to efficiently distribute funds to their employees, suppliers, or citizen beneficiaries.  

Maya Business honors Financial Inclusion Heroes  

Maya Business is making big moves to help leapfrog millions of citizens, businesses, organizations, and government offices into more inclusive digital financial services.    

Formerly PayMaya Enterprise, the country’s largest digital payments processor for key industries, recently recognized trailblazing partners that have championed Filipinos’ welfare through accessible financial services.   

Recognized as Financial Inclusion Heroes, these organizations have proactively adopted digital solutions to empower their constituents by making everyday transactions more convenient and accessible.   

“Financial inclusion is at the heart of what we do. We are proud to honor outstanding partners who have led the charge in enabling more Filipinos to be financially included through innovative and relevant services,” said Orlando B. Vea, CEO-Founder of PayMaya and Co-Founder of Maya Bank.    

Maya Business is powered by the country’s only end-to-end digital payments company, PayMaya Philippines, and Maya Bank for digital banking services.   

DTI and BSP: showing the way for financial inclusion  

Leading the list of Maya Business Financial Inclusion Heroes are the Bangko Sentral ng Pilipinas (BSP) for spearheading the country’s digital payments transformation roadmap and the Department of Trade and Industry (DTI) for championing e-Commerce adoption across consumers and enterprises.   

Through progressive regulation and initiatives led by the BSP, the Philippines has made significant inroads in achieving the national target of financially including 70% of adult Filipinos by 2023. As of end-2021, more than 53% of adult Filipinos already have access to basic financial accounts.   

BSP Gov. Felipe Medalla called on the private sector to support the national financial inclusion goals during his keynote remarks at the Maya Business event. Joining him to receive the Financial Inclusion Hero award for the BSP are Deputy Governor Chuchi Fonacier, Deputy Governor Bernadette Puyat-Romulo, and Monetary Board Members Anita Linda Aquino and Peter Favila.   

For the DTI, Secretary Alfredo Pascual and Assistant Secretary Mary Jean Pacheco accepted the recognition. In his keynote, Sec. Pascual said that “collaboration between industry and government is effective in promoting priority initiatives.”   

“We have accomplished much through our collaborations, and the successful outcome speaks for itself. Let us continue with our Ecommerce Roadmap 2023-2025 and assist large merchants and, more importantly, MSMEs in leapfrogging toward a cashless and inclusive fintech,” Pascual added.  

Financial inclusion at the grassroots   

Brgy. Namayan of Mandaluyong City, one of this year’s awardees, exemplified how financial inclusion can empower communities. As the first-ever barangay-level “cash lite” community in the Philippines, Brgy. Namayan enabled its residents and workers to enjoy digital transactions with the help of Maya Business.   

The barangay equipped its residents with citizen ID cards linked to Maya accounts for everyday payment transactions in sari-sari stores, karinderiabulalohan, and other small merchants. Barangay workers, meanwhile, can safely receive their monthly allowances through their Maya-powered citizen ID cards.    

“Our collaboration with Maya becomes even more relevant now, given the need for safer contactless transactions. By encouraging cashless technologies in everyday transactions in our barangay, we are building a safer and more inclusive community,” said Brgy. Namayan Chairman Victor Emmanuel Francisco Jr.   

Financial Inclusion Heroes across sectors  

Maya Business feted partners who contributed significantly to promoting financial inclusion. Among these Financial Inclusion Heroes are:  

  • Ease of Doing Business Champions – National Government Agencies: the Bureau of Internal Revenue (BIR), Department of Foreign Affairs (DFA), Professional Regulation Commission (PRC), Pag-IBIG, and Social Security System (SSS) for making it easier for citizens to pay civic fees through omnichannel payment acceptance   
  • Ease of Doing Business Champions- Local governments: Taguig City and Caloocan City for adopting an ecosystem approach for person and business to government payments and citizen disbursements  
  • LGUs Embracing and Accelerating Digitalization (LEAD) program Champion: Department of Interior and Local Government for promoting e-payments adoption among local governments units (LGUs)  
  • Agriculture: Development Bank of the Philippines for the joint efforts in promoting countryside development    
  • Education: the University of the Philippines System for adopting an all-in-one ID card with payment capabilities for their students and employees  
  • Humanitarian: Oxfam Pilipinas for pioneering the use of cashless technology in disaster preparedness and emergency response via the Inclusive and Affordable Financial Facilities for Resilient and Developed Filipinos Project (iAFFORD) program  
  • Social Welfare: Department of Social Welfare and Development for utilizing digital technologies in delivering pandemic cash assistance to citizens  
  • Travel and Tourism: Philippine Airlines for helping grow the sector post-pandemic  

“With our Maya Business partners, we are making big moves in driving digital financial services adoption across the length and breadth of the country,” said Shailesh Baidwan, Group President of PayMaya and co-founder of Maya Bank.   

To know more about Maya Business, visit maya.ph/business and follow @MayaBusinessPh on Facebook.

Leave a Reply

Your email address will not be published.