Visa cardholders are now able to cash-in their Maya wallets for free, as announced by Visa, a world leader in digital payments. As part of the “Cash-In for Free” program, which became effective from 1 May 2024, this offer is available to all Maya users who have a mobile number from any local telco provider and are currently residing in the Philippines. The initiative aims to expand consumer choice by allowing Visa cardholders to use their cards to fund their Maya wallets fee-free, to be used in Maya-accepting wallets.
To qualify, eligible users must cash into their Maya Wallet using their Philippine-issued Visa credit, debit or prepaid cards via the Maya app. Free Visa transfers are available for transactions up to P5,000. The typical P200 surcharge for cashing into Maya using cards will be rebated back to users. For larger transactions above P5,000, a discounted fee of 50% off or P100 per transaction will be imposed.
The ”Cash-In for Free” program will benefit consumers and small businesses in the Philippines in driving acceptance of mobile wallets. Visa’s recent Consumer Payment Attitudes study found that Filipino consumers are increasingly embracing cashless transactions, with 87% of surveyed respondents using their mobile wallets in the last 12 months. There is growing acceptance of cashless payment methods in the Philippines, with more consumers observing that supermarkets (88%), food and dining (86%), and bill payment operators (82%) have opened acceptance of cashless payment methods.
Jeff Navarro, Country Manager for Visa Philippines, said: “We are delighted to collaborate with Maya to provide free cashing-in services to all Visa cardholders, in response to the increasing number of Filipinos shifting towards cashless payments. This initiative supports small businesses by enhancing their payment acceptance experience, given today’s growing reach of digital payment methods such as cards and mobile wallets. At Visa, we aim to promote growth and access to a broad spectrum of digital payment modes to drive digital and financial inclusion. This ensures Visa continues to be the preferred choice for Filipinos, by offering an enjoyable, seamless, and secure payment experience.”
"We are thrilled to partner with Visa on this initiative," said Shailesh Baidwan, Group President at Maya and Co-Founder at Maya Bank. "Maya's mission focuses on providing innovative and accessible digital financial services to both consumers and businesses in the Philippines. The Cash-In for Free initiative is part of Maya's broader strategy to make digital financial services more accessible and convenient for everyone, promoting cashless transactions and financial inclusion in the Philippines."
Click here to find out more about the “Cash-In for Free” program by Maya for Visa cardholders which will be available during the promotional period.
About Visa
Visa (NYSE: V) is a world leader in digital
payments, facilitating transactions between consumers, merchants, financial
institutions, and government entities across more than 200 countries and
territories. Our mission is to connect the world through the most innovative,
convenient, reliable, and secure payments network, enabling individuals,
businesses, and economies to thrive. We believe economies that include everyone
uplifts everyone everywhere and see access as foundational to the future of
money movement. Learn more at Visa.com.
About Maya
Maya is the #1 Fintech Ecosystem in the Philippines, with Maya, 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.
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