Four Years as the Philippines’ Payments Backbone Maya Leads the Way in Business Payments Across the Philippines

Maya through its enterprise arm Maya Business has cemented its position as the leading payments acquirer and processor in the Philippines, facilitating the majority of the country’s card and QR PH transactions in 2024.

Visa, a global leader in digital payments, recognized Maya for processing the highest e-commerce and contactless payment volumes in the Philippines from 2021 to 2024. Visa has also previously recognized Maya as the top acquirer for merchant transaction volume, underscoring their shared commitment to drive digital acceptance and cashless transactions. 

Meanwhile, Maya maintains its leadership in the QRPH P2M market as a receiver, holding a 44% market share in terms of volume of transactions for 2024, as per data from BancNet.

Building on this success, Maya Business surpassed one million registered formal businesses in 2024, driven by its expanding cashless solutions for Quick Service Restaurants (QSRs), a growing SME merchant base, and a strategic focus on high-margin sectors such as services and retail.

“It’s exciting to see our innovations powering payments for businesses of all sizes across the country. Our technology is about accessibility,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “We meet merchants where they are, rather than expecting them to adapt to traditional models.”

Empowering MSMEs Through Payments and Banking

Beyond serving large enterprises and government agencies, Maya’s growth has been fueled by the MSME segment. Small businesses in the Philippines have traditionally relied on cash transactions with limited access to financial services, but Maya is changing this by offering tailored solutions that empower micro and small enterprises.

“These small businesses want more than just payment options. They want financial services that help them grow,” Baidwan noted.

Maya combines payments and banking services, offering business deposit accounts with a market-leading 2.5% annual interest rate and unsecured business loans of up to ₱2 million, providing small businesses with crucial access to credit in a financing-scarce market.

Expanding Across the Ecosystem

Unlike traditional financial institutions that primarily cater to large retailers, Maya serves businesses of all sizes. With tools like Maya Checkout, Maya Terminal, and Maya QR, businesses can accept payments via credit and debit cards, e-wallets, and QR PH codes—helping both urban entrepreneurs and rural vendors reach more customers.

Maya has also expanded its network through partnerships with global players such as Visa, Mastercard, JCB, and American Express, as well as local platforms including BancNet, GCash, and GrabPay. This dual approach enhances both international reach and local convenience.

As the first major player to adopt the QR PH standard, an initiative by the Bangko Sentral ng Pilipinas (BSP) to unify digital payments, Maya has made cashless transactions more accessible to smaller merchants—key contributors to financial inclusion in the country.

Driving Growth Amid a Digital Transformation

Maya’s continued expansion aligns with the BSP’s push for digitalization. With the central bank achieving its goal of 50% digital retail payment volume by 2023 and targeting 70% by 2028, Maya is well-positioned to capitalize on the growing adoption of digital transactions.

By leveraging the combined strengths of its ecosystem—Maya Bank, the No. 1 digital bank in the Philippines, and Maya Business, the top omni-channel payment processor—Maya is driving financial inclusion and supporting the country’s transition to a cashless economy.

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya Bank, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to ₱500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.