Maya Black is here to redefine credit card access
Maya, a leading force in the Philippines’ fintech landscape, is making waves with its latest offering: the Maya Black Credit Card. This new product aims to shake up the credit card scene by increasing accessibility, especially for those often excluded by traditional financial institutions. With a focus on mobile-first consumers, Maya Black leverages the company’s data and AI-driven credit models to offer a fresh approach to credit in the Philippines.
Bridging the Credit Gap
The introduction of Maya Black came at a time when interest in credit cards was high, yet access was limited. Google Philippines data indicates that credit cards account for 38% of financial product search interest. However, only 15% of Filipino adults have a credit card as of Q4 2023, according to TransUnion data. Maya aims to bridge this gap by removing traditional barriers and utilizing AI-powered credit scoring to reach its growing base of Millennial and Gen Z users.
Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, emphasized the company’s commitment to democratizing credit access:
Credit cards have long symbolized financial freedom and status-but for most Filipinos, they’ve remained out of reach. With Maya Black, we’re making the most desirable card in the market-and democratizing access to it.
A Digital-First Approach
Maya Black distinguishes itself with its fully digital experience. From application to customer support, the entire process is managed within the Maya app. Users receive an instant virtual card upon approval, followed by a physical card without a printed card number. Card details are securely stored in the app, where users can also freeze or replace their card in real time.
Angelo Madrid, Maya Bank President, highlighted the card’s design for the digital generation:
We designed Maya Black for a generation that expects instant, mobile-first banking. This isn’t the usual credit card-it’s a re-engineered experience.
Premium Features and Benefits
Maya Black cardholders can enjoy several premium features from day one:
- Maya Miles: Earn miles on every transaction, with real-time tracking. Miles can be used across Maya’s merchant network, converted to airline miles (like Philippine Airlines’ Mabuhay Miles), or redeemed for other travel rewards. New users can receive 3,000 bonus miles upon physical card activation and a ₱5,000 spend within 60 days.
- Lounge Access: Access to airport lounges via DragonPass, including PAGSS and Marhaba lounges in NAIA.
- Global Acceptance: Accepted at over 130 million merchants worldwide via Visa.
- Advanced Security: Card numbers are only visible via the app, with freeze/replace features for enhanced security.
Addressing Financial Inclusion
The launch of Maya Black is particularly relevant in the context of financial inclusion in the Philippines. While the number of Filipinos with bank accounts has increased, a significant portion of the population remains unbanked. According to the Bangko Sentral ng Pilipinas (BSP), 65% of Filipino adults are now banked. This means that approximately 35% of Filipino adults are still unbanked. This represents a substantial decrease from 2019, where 51.2 million Filipinos were unbanked, which went down to 34.3 million in 2021.
Maya Black seeks to address this challenge by offering credit access to individuals who may not qualify for traditional credit cards due to a lack of credit history or other factors. By utilizing alternative data sources and AI-driven credit scoring, Maya aims to provide financial opportunities to a broader segment of the population.
Maya’s initiative aligns with the BSP’s goals of increasing financial inclusion and promoting digital payments. The central bank has been actively implementing programs to extend financial services beyond urban areas. The rise in digital payments, which accounted for 52.8% of total retail payment transactions in 2023, reflects the success of these efforts.
A Promising Step
The Maya Black Credit Card represents a significant step towards democratizing credit access in the Philippines. By leveraging technology and focusing on the needs of mobile-first consumers, Maya is poised to reshape the credit card landscape and contribute to greater financial inclusion in the country.
Giancarlo Viterbo is a Filipino Technology Journalist, blogger and Editor of gadgetpilipinas.net, He is also a Geek, Dad and a Husband. He knows a lot about washing the dishes, doing some errands and following instructions from his boss on his day job. Follow him on twitter: @gianviterbo and @gadgetpilipinas.
