Maya builds merchant payment rails

Tonik is fighting for customer cash, while Maya is building the rails that move money for both shoppers and merchants. In practice, Tonik wins by posting eye catching deposit rates and getting users to park savings in fixed term accounts. Maya is selling a broader loop, where a merchant can accept QR, card, wallet, invoice, and payment link transactions, keep funds in a business deposit account, and pull consumers into the same app for spending, savings, credit, and crypto.

• Tonik’s product center of gravity is deposits. Its annual report highlights high interest savings and time deposits, including time deposit offers up to 6% for 6 month terms, which matches a strategy built around balance gathering rather than merchant acceptance or checkout software.
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• Maya’s merchant stack is much more operational. A store can use Maya Terminal for card tap, dip, and QR payments, send invoice links over chat or SMS, or accept online checkout. That means Maya gets paid on transaction flow, not just from spread on deposits.
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• This also explains why rivals like GoTyme and SeaBank feel different. GoTyme has scaled deposits and users through kiosks and retail distribution, while SeaBank is tightly tied to Shopee payment flows. Neither shows the same breadth of merchant acquiring tools that Maya markets directly to businesses.
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The market is likely to split between banks that attract idle cash and platforms that control everyday payment traffic. Maya is positioned to deepen its lead if it keeps turning merchant acceptance into deposits, lending, and consumer wallet activity, because every checkout is a chance to capture another piece of the transaction.