With the Philippine market becoming more diverse than ever before, locally based startups and SMEs (small- and medium-sized enterprises) need to accommodate an ever-growing number of payment methods to elevate customers’ buying experience and to optimize their cash flow. Thanks to its support for a wide range of payment types, the Maya Terminal (also popularly called Maya POS terminal or Maya credit card terminal by users) has come to be the preferred offline point-of-sale solution for emerging businesses in the Philippines. Let’s look at the payment types supported by the Maya Terminal.
1) E-wallets
A recent study by a consumer finance firm found that there were over 58 million active e-wallet users in the Philippines in 2022, making e-wallets the single most popular cashless payment option among Filipino consumers. Moreover, another study by Visa suggests that the country is now moving toward the universal adoption of these digital payments. But with so many competing mobile wallet services in the Philippine market, facilitating these payments can be a challenge.
Philippine-based consumers and entrepreneurs will be glad to know that Maya Business terminal solutions can handle more than just Maya e-wallet payments. Both the Maya Terminal and its ultraportable counterpart, the Maya Terminal Lite, can also process payments from other locally popular e-wallets like WeChat Pay, Shopee Pay, GCash, and GrabPay, making them truly inclusive payment solutions well suited for the diverse Philippine market.
2) Bank Transfers
Electronic bank transfers have also increased in popularity in recent years, thanks to a rise in mainstream financial participation and the emergence of convenient mobile banking apps. Maya Terminal and Maya Terminal Lite devices can also facilitate bank transfer payments through InstaPay and QR Ph, giving your customers even more ways to pay.
3) Dip (EMV) Cards
EMV (Europay, Mastercard, and Visa) standard cards are now commonplace throughout the Philippines. The Maya Terminal and Terminal Lite devices are both equipped with EMV card readers, enabling customers to make payments by “dipping” their chip cards into the terminal. With the EMV standard now being used for most local debit and credit cards, Maya’s support for EMV chip technology enables Philippine-based startups and SMEs to better facilitate secure transactions.
4) Tap-to-Pay (NFC) Cards
Tap-to-pay cards incorporating Near Field Communication (NFC) technology have recently risen in popularity along with other contactless payment methods. The speed and convenience of NFC payments make them a preferred choice for many customers, and Maya’s business terminal solutions seamlessly support this technology. With a simple tap on a Maya Terminal or Terminal Lite device, NFC cardholders can swiftly complete transactions without the need to insert a card or enter a PIN.
5) Magstripe Cards
Though gradually becoming less common due to the popularity of EMV and NFC cards, traditional magstripe technology is still used in a significant number of Philippine debit and credit cards. While many other payment terminals no longer accept magstripe cards, the Maya Terminal accommodates these with no issues, allowing customers with older cards to make seamless payments. Please note that the Maya Terminal Lite device does not facilitate magstripe payments.
6) QR Ph Payments
The Maya Terminal facilitates QR Ph payments, enabling customers to pay by scanning a dynamically generated QR code using a wide variety of bank and e-wallet mobile apps. Apart from saving time, offering QR Ph payments ensures high accuracy and incurs a low transaction fee. A growing number of institutions also support QR Ph, including Maya, Gcash, AllBank, Asia United Bank, Cebuana Bank, ChinaBank, LandBank of the Philippines, RCBC, StarPay, Tayo Cash, Unionbank, and UMSI, making cashless payments even more convenient for you and your customers.
Accept Any Payment, Anywhere with the Maya Terminal
The Maya Terminal and Terminal Lite devices give Philippine-based startups and SMEs an easy way to accommodate a wide range of locally relevant payment methods. With more Filipinos transitioning to cashless payments for covering all their day-to-day needs, Maya Business solutions are already making a key difference in enabling the sustainable growth of emerging businesses. Create a Maya Business Manager account today to enjoy the benefits of the Maya Terminal.
Signing up for Maya Business doesn’t just give you access to Maya Terminal and Maya Terminal Lite devices, it also qualifies you for exclusive promos like Maya 1-2-3 Grow. Joining Maya 1-2-3 Grow entitles you to a 1% MDR (merchant discount rate) on all QR Ph sales for 3 months from promo onboarding, giving you significant savings over the already low QR Ph transaction fees. Getting a Maya Deposit account and designating it as the settlement account for your Maya Terminal transactions also gets you an extra month of 1% MDR for a total of 4 months of boosted savings. The 1-2-3 Grow bundle also entitles you to a Maya Flexi Loan offer as large as PHP 2 million in just 3 months, giving you more funds to multiply your startup or SME’s growth. Try Maya Business solutions today to unlock maximum growth for your business.
