Maya said its enterprise arm Maya Business 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 also previously recognized Maya as the top acquirer for merchant transaction volume, underscoring their shared commitment to drive digital acceptance and cashless transactions.
Maya said it also maintained its leadership in the QRPH P2M market as a receiver, holding a 44-percent market share in terms of volume of transactions for 2024, as per data from BancNet.
Building on the 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,” said Baidwan.
Maya said its growth was 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 said.
Maya combines payments and banking services, offering business deposit accounts with a market-leading 2.5-percent annual interest rate and unsecured business loans of up to P2 million, providing small businesses with crucial access to credit in a financing-scarce market.