Maya PHilippines Inc. revealed last Thursday that the digital payments and financial services company saw a ‘structural shift’ in how Filipinos are accessing credit, with more than a third of ‘Maya Black’ credit cardholders now entering through a deposit-backed card.
According to Maya, about 37 percent of these cardholders originated from the firm’s other credit card product (‘Maya Black Express’), which uses customer deposits as collateral.
Maya Group President and Maya Bank Inc. Co-founder Shailesh Baidwan said the figure signals growing demand for alternative pathways into formal credit in a market where traditional barriers have kept penetration stubbornly low.
‘When given the right entry point, Filipinos are ready to engage with credit on their own terms,’ Baidwan said. ”Maya Black Express’ provides both dignity and discipline-perks from day one, and a clear path to grow responsibly.’
Credit card penetration in the Philippines remains at approximately 15 percent of the adult population, leaving millions locked out of formal credit systems. The challenge is circular: consumers need credit history to qualify for cards, but need cards to build that history in the first place.
According to Maya, its ‘Black Express’ card attempts to break this cycle by allowing users to secure a credit line with a refundable deposit starting at P12,500. The deposit determines 80 percent of the user’s credit limit and earns 3.5 percent annual interest-above typical savings rates-while serving as collateral.
Unlike traditional secured cards that offer basic features, the ‘Black Express’ users enjoy a numberless card with dynamic CVV for enhanced security, no annual fees for life, complimentary global airport lounge access, and rewards through Maya’s merchant network.
ANZ Research has said that credit card spending is one of the drivers of private consumption in the country. Filipinos swiping their credit cards and obtaining loans against their salaries are helping boost consumption spending in the country but these are deemed ‘unhealthy’ practices, the research unit of the Australia and New Zealand Banking Group Ltd. added.