Maya has rolled out the Maya Black Credit Card, designed for mobile-first consumers. The card is powered by Maya’s data and AI-driven credit models and is available through the Maya app.
The Maya Black card aims to expand access to credit for more individuals, including those without traditional credit histories. It does this by leveraging transactional data and other alternative data sources for credit scoring. Applicants without a credit history also have the option of a secured card pathway integrated into the app.
Within the Maya app, users can digitally manage the entire process, from application to issuance and support. Users receive an instant virtual card, followed by a physical numberless card. Users can access securely stored card details in-app, where they can manage their card in real-time, including freezing or replacing it.
The card allows users to earn Maya Miles on transactions. Users can either spend these miles within Maya’s network or convert them to airline miles such as Philippine Airlines’ Mabuhay Miles. Users can also redeem the miles for other travel rewards in the app.
Alternatively, users may also access airport lounges via DragonPass, including PAGSS and Marhaba lounges in NAIA. Visa enables the card to be accepted at over 130 million merchants worldwide. The card provides security features, including card numbers only visible via the app and the ability to freeze or replace it.
The introduction of this new card comes as interest in credit cards is growing in the Philippines, although access remains limited. According to Google Philippines, credit cards represent 38% of financial product search interest.
However, the Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion Survey reported that 56% of Filipino adults find it difficult to qualify, and as of Q4 2023, only 15% hold a credit card, based on TransUnion data. Maya Black aims to address this gap.
The rollout follows the issuance of close to 200,000 Landers Cashback Everywhere Credit Cards.
Featured image: Edited from Freepik.
