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Business

Maya Bank issues 50,000 credit cards in 3 months

Keisha Ta-Asan - The Philippine Star
Maya Bank issues 50,000 credit cards in 3 months
The surge in growth for the Cashback Everywhere Credit Card was driven by the bank’s attractive and substantial rewards as well as its digital-first, user-friendly experience.
Philstar.com / Jovannie Lambayan

MANILA, Philippines — Digital lender Maya Bank, in partnership with Landers Superstore, has issued over 50,000 credit cards in just three months, making it one of the fastest growing credit cards in the country.

The surge in growth for the Cashback Everywhere Credit Card was driven by the bank’s attractive and substantial rewards as well as its digital-first, user-friendly experience.

Shailesh Baidwan, Maya Group president and Maya Bank co-founder, said in a statement that the digital bank’s entry into the credit card industry is a major milestone.

“We continue to launch new products to become a deeper part of our customers’ daily lives – from routine purchases to helping them meet larger financial goals,” he said.

According to Maya, cardholders can enjoy a five-percent cashback at Landers, two percent on dining and one percent on all purchases.

The entirely digital application process lets users activate a virtual card right after approval, enhancing the appeal of the card’s instant accessibility.

Advanced features such as dynamic CVV for enhanced security, real-time spending limits as well as digital management tools give credit card users control over their finances without visiting a bank.

“The early success of the Landers Cashback Everywhere card shows we’re breaking barriers for the unhappily banked,” Maya Bank president Angelo Madrid said.

“By embracing a high-tech approach, we’re reshaping what credit means – making it fast, rewarding, and accessible to all.”

Launched in April 2022, Maya is one of the six digital banks operating in the Philippines. As of September, the lender recorded a 52-percent increase in deposits to P36 billion year on year.

It has also disbursed P67 billion in loans to over 1.4 million borrowers as of September. About 50 percent of borrowers are receiving their first formal bank loan through Maya. High-engagement Maya users make up 72 percent of the bank’s lending customers.

MAYA BANK

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