In a major move to enhance financial flexibility for Filipinos, Visa and Maya have announced a significant new collaboration. Visa is a world leader in digital payments. Similarly, Maya is the Philippines’ #1 digital bank. This innovative partnership enables Maya Visa Cross-Border Funding through Account Funding Transactions (AFT). Users can access this feature directly within the Maya app. Consequently, Maya users can now seamlessly pull funds from foreign-issued Visa cards. They can then instantly load them into their Maya accounts.
This new feature directly addresses a long-standing challenge for many Filipinos connected to the global economy. For years, moving money across borders often involved high fees. It also included slow processing times and inconvenient trips to remittance centers. However, this collaboration aims to change that narrative entirely. Now, with just a few taps, users can access and manage their international funds with unparalleled ease.
Why This Maya Visa Cross-Border Funding is a Game-Changer
This partnership is certainly more than just a new feature. In fact, it’s a vital link for the global Filipino community. It offers a more direct and efficient way for them to manage money across borders.
A Lifeline for OFWs and Their Families
For Overseas Filipino Workers (OFWs) and their families, this is a particularly powerful tool. It simplifies the process of sending and receiving money. The importance of remittances to the Philippine economy is indeed substantial. For instance, data from the Bangko Sentral ng Pilipinas (BSP) consistently shows these inflows are a cornerstone of household income for millions. Therefore, innovations that make these transfers more secure and efficient are crucial.
Convenience for Expats and Travelers
Likewise, for expatriates living in the Philippines or frequent travelers, the feature provides a simple method to manage funds. They can do so without the friction of traditional banking systems. Once users cash in from their foreign-issued Visa cards, they can immediately spend, save, pay bills, and even invest their money. They can access all these services through Maya’s extensive digital ecosystem in the Philippines.
“Our longstanding partnership with Maya continues to grow from strength to strength,” said Jeffrey Navarro, Visa Country Manager for the Philippines. “By enabling funding transactions from foreign-issued Visa cards, we provide Maya users with the power and convenience to manage their finances effortlessly. We also ensure seamless and secure transactions. Ultimately, this connects them to countless possibilities through their Maya accounts.” You can learn more about Visa’s mission to connect the world at the official Visa Philippines website.
How to Use the New Cross-Border Funding Feature
Maya designed the process for accessing international funds to be simple and intuitive. Here’s a quick overview of how it works:
- Open the Maya App: First, log in to your verified Maya account.
- Select ‘Cash In’: Next, navigate to the cash-in or add money section.
- Choose ‘Visa Card’: Then, select the option to cash in using a credit or debit card.
- Enter Card Details: Securely input the details of your foreign-issued Visa card.
- Confirm the Amount: Finally, enter the amount you wish to transfer to your Maya wallet and confirm the transaction.
Within moments, the funds should appear in your Maya account. After that, they are ready for use across the app’s many services.
A Partnership Built on Trust and Innovation
Maya, through its robust fintech ecosystem, consistently drives digital payments growth in the country. This strong performance has, in fact, earned recognition from its partners.
Proven Leadership in Digital Payments
Visa previously recognized Maya for its impressive performance. Specifically, Maya processed the highest e-commerce and contactless payments volumes in the Philippines from 2021 to 2024. Additionally, Visa acknowledged Maya as the top acquirer for merchant transaction volume. This latest collaboration, therefore, further underscores their joint commitment. They aim to advance payments innovation while continuously improving the user experience.
“With this new feature, we’re making it easier for Filipinos and OFWs to move money from their Visa cards abroad straight into their Maya wallets,” said Khurram Malik, Group Chief Commercial Officer of Maya. “Maya has redefined how we spend, save, and invest. So, we’re pleased to bring the same ease and flexibility to cross-border payments.”
As the #1 Fintech Ecosystem in the Philippines, Maya combines several powerful entities. This includes Maya Bank, the #1 Digital Bank regulated by the BSP, and Maya Business, the #1 Omni-Channel Payment Processor. Ultimately, this strong foundation provides the security and scale needed to power such innovative financial services.
For more information on this feature and other services, you can visit the official Maya website.
