FinTech and digital bank company Maya is shaking things up once again with the introduction of the Maya Black Credit Card or simply Maya Black.

This premium, black-tier offering leverages Maya’s proprietary data and AI-driven credit models. It signals a shift in how credit is accessed in the Philippines.

Designed with the mobile-first consumer in mind, Maya Black aims to broaden access to credit for a wider range of Filipinos. In particular, the company has its sights set on those who may lack traditional credit histories.

The card is accessible directly through the Maya app. It promises a swift approval process and instant virtual card issuance. This is followed by the delivery of a sleek physical card — 3-5 days according to Maya, and comprehensive in-app management.

This approach challenges the conventional notion that black-tier credit cards are exclusively reserved for high-income earners with extensive credit records.

Process everything on the Maya app

Maya Black introduces a fundamentally different approach to credit assessment. By utilizing Maya’s extensive transactional data and various alternative data sources, the platform’s AI-powered credit scoring model can evaluate and approve applicants who might be overlooked by traditional banking institutions.

Furthermore, individuals without prior credit history can opt for a secured card pathway. This is seamlessly integrated within the app. It eliminates the need for cumbersome paperwork or reapplications.

The entire credit card lifecycle, from initial application and approval to card issuance and customer support, is entirely digital. Users can conveniently manage their spending, billing, and access support services directly within the Maya app.

Upon approval, users receive an instant virtual card, followed by the delivery of the Philippines’ first numberless physical card. All sensitive card details are securely stored within the app. This empowers users with the ability to freeze or replace their card in real-time for enhanced security.

“We engineered Maya Black specifically for a generation that demands instant, mobile-first banking solutions. This is not your typical credit card; it’s a completely re-engineered experience,” said Angelo Madrid, President of Maya Bank.

Premium benefits from the outset

Maya Black delivers a comprehensive suite of premium-grade benefits right from the start, including:

• Maya Miles: Earn miles on every transaction, with real-time tracking within the app. These miles can be utilized as currency across Maya’s extensive merchant network, converted into airline miles such as Philippine Airlines’ Mabuhay Miles, and redeemed for other travel rewards—all within the app.
• Welcome Bonus: Receive 3,000 bonus miles upon physical card activation and spending PhP 5,000 within the first 60 days.
• Airport Lounge Access: Enjoy access to airport lounges via DragonPass, including PAGSS and Marhaba lounges at Ninoy Aquino International Airport (NAIA).
• Global Acceptance: The card is accepted at over 130 million merchants worldwide through the Visa network.
• Enhanced Security: Benefit from advanced security features, with card numbers exclusively accessible via the app and real-time freeze/replace functionalities.

Addressing rising demand and limited access

Interest in credit cards is experiencing a significant surge in the Philippines. According to Google Philippines data, credit cards now account for 38% of financial product search interest.

However, access to credit cards remains limited. The Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion Survey indicated that 56% of Filipino adults find it challenging to qualify for a credit card.

As of Q4 2023, TransUnion data revealed that only 15% of Filipino adults hold a credit card. While the outstanding credit card base saw a substantial year-over-year growth of 20%, from 9.3 million to 11.2 million cards, penetration remains low in a country with over 70 million adults.

Maya Black directly tackles this accessibility gap by eliminating traditional barriers and scaling AI-powered credit across Maya’s rapidly expanding Millennial and Gen Z user base. This launch builds upon the success of the Landers Cashback Everywhere Credit Card, which has seen the issuance of nearly 200,000 cards to date.