VISA has partnered with Maya Group to allow the app’s users to make cash in transactions with its foreign-issued cards.
Under the partnership, Visa will enable cross-border account funding transactions in the Maya app.
“This innovative partnership allows Maya users to seamlessly pull funds from foreign-issued Visa cards and load them directly into their Maya accounts, expanding payments flexibility,” Visa said in a statement. “Upon cashing in from their foreign-issued Visa cards, Maya users can now spend, save, and even invest their money in the Philippines through the Maya app.”
This will help expatriates, overseas Filipino workers (OFWs), tourists, and even freelancers manage their finances easily, it added.
“Our longstanding partnership with Maya continues to grow from strength to strength, and with this latest collaboration, we help make digital payments even more flexible. By enabling funding transactions from foreign-issued Visa cards, we provide Maya users with the power and convenience to manage their finances effortlessly, while ensuring seamless and secure transactions. This connects them to countless possibilities through their Maya accounts,” Visa Country Manager for the Philippines Jeffrey Navarro said.
“With this new feature, we’re making it easier for Filipinos and OFWs to move money from their Visa cards abroad straight into their Maya wallets. Maya has redefined how we spend, save, and invest — and we’re pleased to bring the same ease and flexibility to cross-border payments,” Maya Group Chief Commercial Officer Khurram Malik added.
Maya Innovations Holdings, Pte. Ltd., formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.
Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider.
Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.
Maya Group posted a first-quarter net income of P127 million.
PLDT Inc. is Maya Innovations’ main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
