Digital bank Maya throws hat into premium credit card market
Leading digital bank Maya seeks to disrupt the credit card market with the rollout of a mobile-first credit card product that targets the country’s demographic sweet spot— the young, tech-savvy and “unhappily banked” consumers.
Maya launched on April 30 its first-ever black-tier Maya Black, which pitches perks typically reserved for high-end cardholders of most issuers. It is packaged as an “aspirational” product for the mass affluent market segment.
“Maya Black challenges the exclusivity of traditional credit cards with instant, app-based approval powered by Maya’s proprietary data and AI (artificial intelligence)-driven credit scoring model,” Maya says in a briefing note.
“This approach fast-tracks access to premium credit—even for Filipinos with little or no formal credit history.”
Users earn Maya Miles on every spend, soon redeemable for Philippine Airlines Mabuhay Miles and other travel or lifestyle rewards.
New cardholders who spend P5,000 in 60 days get 3,000 bonus miles. The card includes access to DragonPass lounges, including PAGSS and Marhaba lounges at the Ninoy Aquino International Airport.
Eligible Filipinos can apply through the Maya app. Approved users receive a virtual card instantly, followed by a numberless physical Visa card.
Everything from card management to rewards tracking happens inside the Maya app, eliminating the need for a hotline, paperwork or brick-and-mortar branches.
Maya uses dynamic instead of a fixed card verification value or CVV, the three-digit number provided by the issuer. The CVV for specific transactions can be found within the app.
Filling market gap
Maya, led by its founder and CEO Orlando Vea, seeks to fill the gap in credit card lending.
While the number of issued cards grew by 20 percent in 2024, Philippine market penetration is still relatively low at 15 percent of Filipino adults. Majority still find it difficult to get credit card approvals, data from TransUnion and the Bangko Sentral ng Pilipinas suggest.
“Maya is betting that digital infrastructure and AI can close that gap—especially among Millennials and Gen Zs, who make up more than half of the Philippine population and dominate Maya’s user base,” the digital bank says.
This is the second card product that Maya is bringing to the market. However, this is its first proprietary credit card product.
To date, Maya has issued close to 200,000 cobranded cards with membership retailer Landers.
“Maya Black marks a more direct move into premium lending—positioning the company as a full-spectrum digital bank and challenger in the high-margin credit space,” Maya says.
