Maya expands credit access with deposit-backed card model

By TecWatch PH Staff

Maya, the country’s leading all-in-one finance platform and No. 1 digital bank, is transforming how Filipinos access credit through an innovative deposit-backed card model. The company reported that 37 percent of its Maya Black credit cardholders now originate from Maya Black Express, a deposit-backed credit product that helps users establish or rebuild their credit history.

This development comes amid persistently low credit card penetration in the Philippines, where only around 15 percent of adults own a card. Maya’s data shows that first-time users are increasingly turning to deposit-backed products as a simpler, more accessible on-ramp to credit—eliminating the need for an existing credit history.

“When given the right entry point, Filipinos are ready to engage with credit on their own terms,” said Shailesh Baidwan, President of Maya Group and Co-Founder of Maya Bank. “Maya Black Express provides both dignity and discipline—perks from day one, and a clear path to grow responsibly.”

Unlike traditional entry-level cards, Maya Black Express delivers a fully loaded experience from the start. Through an Express Deposit that serves as both collateral and a 3.5 percent per annum interest-earning account, applicants gain access to a numberless credit card with dynamic CVV, no annual fees for life, complimentary access to global airport lounges, and exclusive rewards through Maya Miles.

The minimum Express Deposit is P12,500, with 80 percent of that amount setting the cardholder’s credit limit. The deposit earns a better-than-market rate and is fully returned once the user transitions to a regular credit line—creating a safe and rewarding path for first-time credit users.

According to Baidwan, this approach strikes a balance between expanding financial inclusion and maintaining responsible risk management. “We’re cutting the wait out of credit,” he said. “Traditional secured cards make you fill forms and line up. With Maya Black Express, you’re approved easily—no paperwork, no branches. It’s credit designed for the digital age.”

Nearly 40 percent of Maya Black cardholders today are first-time credit users—an early indicator of a broader behavioral shift among Filipino consumers. The initiative addresses a long-standing gap in credit access: according to Bangko Sentral ng Pilipinas, 56 percent of adults in 2021 found it difficult to obtain a credit card, while TransUnion data from 2023 shows only 15 percent of Filipino adults own one.

Maya’s goal is to redefine how credit is earned, approved, and rewarded—empowering more Filipinos to participate confidently in the financial system.

For more information, visit https://www.mayabank.ph/creditcard/maya-black-express/.