How do I set up Maybank2u payments in the Philippines?

by Galen Crout May 24, 2021

Thinking of starting your own online business? As the Philippines experiences a massive boom in online selling and shopping during the COVID-19 pandemic, more and more entrepreneurs are taking advantage of this growing trend by setting up their own stores.

Innovations in technology, such as online and mobile banking, have simplified and streamlined business operations. Thanks to innovations in payments, your customers can pay via credit card, debit card, or online money transfers—it’s up to you as a seller to make sure your products are accessible by allowing as many payment methods as possible. Taking this step is especially useful if you’re running a traditional brick-and-mortar shop or business and want to take it digital.

That’s where online and mobile banking comes in. Letting customers pay by bank transfer is one of the most convenient methods of payment. It doesn’t require a credit or debit card, just a bank account—made even more convenient now that most banks allow interbank transfers for a minimal fee. Online and mobile banking also allow you manage your funds anytime, anywhere, without having to visit the actual bank and potentially risk contracting COVID-19 by sharing space with other people.

While traditional face-to-face banking is generally considered secure, there’s nothing like the ease and convenience of being able to make a transaction at any time. Besides, having a good relationship with a bank can provide the for your business, like a corporate account and loans that could fund your operations.

One of the most useful and safe banking apps in the Philippines is Maybank’s Maybank2u online and mobile banking platform. Before you start using it, you might want to know why Maybank2u is a good choice for your online business.

Five advantages of using Maybank2u

An online and mobile banking platform like Maybank2u can change the way you approach banking. Here are five features that make it really convenient.

1. Check your balance anytime

With Maybank2u, there’s no need to head to a physical Maybank branch or ATM just to check your account balance. Check it anywhere, anytime from the comfort of your home, on your computer, or mobile device.

2. Send and receive funds

Technology has now made it easier to send and receive money online. Your customers can send their payments to your Maybank account in real-time. You can also send funds to Maybank accounts or accounts from other banks anytime via Maybank2u—this certainly helps when making payments to suppliers and vendors.

3. Tight security

The biggest worry for people who haven’t tried online, and mobile banking is the threat of hacking and fraud. Thankfully, there’s no need to worry about your security as Maybank2u has more than one layer of protection for your account. The platform uses a Transaction Authorization Code and a challenge question to make sure your online transactions are authentic.

4. Hassle-free bill payments

You can also use Maybank2u to pay any of your bills. The platform has a long list of accredited billers such as Meralco, Manila Water, as well as mobile networks to make regular bill payments easy. There’s no need to go out to an office or branch and wait in line.

5. Purchase other e-products

On top of the most common banking transactions available on the app, Maybank2u also gives you the option to buy other products, such as prepaid phone load, and even convert your US dollars to Philippine pesos.#

Common questions: How to set up Maybank2u and other questions

Do I have to go to a Maybank branch to set up an account?

There’s no need to head to a physical bank branch. You’ll need an IB Registration Number and First Time Activation Code, which you can generate quickly on this page.

How do I set up my Maybank account?

The enrolment process can be done completely online. Head to the Maybank2u site to begin the process of enrolling your Maybank account in online banking. You can find the link to enrol by hovering your cursor over the “Login” button and clicking “Not yet enrolled? Enrol now!”. In the next screen, click “Deposit account”, click “Next”, and follow all the instructions, filling in the necessary details in the seven-step registration process.

How soon can I use my Maybank account?

Once you complete the enrolment process and the account is activated, you’ll officially have your own Maybank2u account. You’ll be able to use Maybank2u via the website or on your mobile device right away. For mobile, you can download the Maybank2u app on the Apple App Store or Google Play Store.

How do I receive payments into my Maybank account?

To start listing your Maybank account as a payment method for your online business — simply list your account name and number on your website, social media pages or wherever you’re advertising your store. Don’t worry: this practice is completely safe as you’re not giving away any sensitive personal information.

Take your business digital today

Getting into online banking is that easy. Now that you know how to set up an online banking account on Maybank2u, you can now focus on running your online store.

Online banking shouldn’t be the only step you make in either starting an online business or taking your store digital. There are many ways you can modernize it, including setting it up on Shopify, which can significantly expand your reach in your chosen market.

For all other things regarding your online business, Shopify can make it easier for you. For a monthly fee, you can start, sell, market, and manage your business on a platform that helps you do everything you need to build your brand online.

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