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Maya, Visa partner for cross-border transactions

Users of the fintech ecosystem and digital bank Maya can now cash in from foreign-issued Visa cards, as they announced on Thursday a partnership enabling cross-border account funding transactions (AFT). According to Maya, users — including expatriates, overseas Filipino workers (OFWs), and global travelers —can now pull funds from foreign-issued Visa cards and load them directly into their Maya accounts and spend, save, and invest in the Philippines. '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,' Maya Group chief commercial officer Khurram Malik said in a statement. Maya is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas (BSP), along with GOTyme, Overseas Filipino Bank (OFBank), Tonik Bank of Singapore, UNObank of Singapore, and UnionDigital of the Union Bank of the Philippines. 'Our longstanding partnership with Maya continues to grow from strength to strength, and with this latest collaboration, we help make digital payments even more flexible,' Visa Philippines country manager Jeffrey Navarro said. 'By enabling funding transactions from foreign-issued Visa cards, we provide Maya users with the power and convenience to manage their finances effortlessly while ensuring seamless and secure transactions. This connects them to countless possibilities through their Maya accounts,' he added. Data from the central bank show that the value of electronic fund transfers coursed through PESONet and InstaPay from January to April 2025 reached P7.15 trillion, up from P5.22 trillion in the same period last year. —VBL, GMA Integrated News