Maybank Philippines has announced that it will discontinue Dragonpay as a payment option on its internet and mobile banking platforms effective September 30, 2026, steering customers toward other digital payment channels such as GCash, Maya, and QR Ph.
The bank advised customers to complete any pending Dragonpay transactions before the cutoff date and avoid setting up new recurring payments to prevent failed or unposted transactions.
Maybank did not disclose the reason for the discontinuation, but the move comes shortly after the bank partnered with OmniPay to launch QRPay, a QR Ph‑enabled service designed to streamline payments across participating banks and e‑wallets.
The discontinuance signifies a big shift in the payment landscape, particularly because Dragonpay has long been one of the Philippines’ most recognizable alternative payment gateways.
Maybank’s decision effectively ends a multi‑year relationship between the bank and Dragonpay, a partnership that enabled customers to use Dragonpay’s online banking and over‑the‑counter payment rails for various merchant transactions.
While the exact duration of their relationship is not publicly disclosed, Dragonpay has been integrated with major banks and e‑wallets since the early 2010s, making Maybank’s withdrawal a notable development in the evolution of digital payments.
What is Dragonpay?
Dragonpay is a Philippine payment gateway founded in 2010, known for pioneering alternative digital payments in the country.
It enabled millions of Filipinos—including those without credit cards—to transact online through online banking, e‑wallets, and over‑the‑counter channels at banks, convenience stores, and remittance outlets.
Dragonpay historically served unbanked and uncarded consumers, offering merchants a way to accept payments without relying on traditional card networks. It is licensed as an Operator of Payment Systems (OPS) under the Bangko Sentral ng Pilipinas (BSP), meaning it is regulated for consumer protection, settlement standards, and anti‑money laundering compliance.
Dragonpay’s role in the financial ecosystem has evolved significantly following its integration into Xendit’s Southeast Asian payments network.
Xendit acquired Dragonpay in 2026, building on a strategic partnership that began in 2021. Under the integration, Dragonpay’s 905 merchants and 44 partner institutions—including banks, non‑bank financial institutions, and e‑wallets—were folded into Xendit’s regional infrastructure.
Merchant onboarding, product roadmap, and payment operations now run through Xendit’s platform, although Dragonpay retains its brand and leadership. This shift means Dragonpay is no longer a standalone domestic gateway but part of a bigger regional payments ecosystem offering over 100 international payment methods.
Existing Dragonpay Partnerships
Up to date, Dragonpay remains integrated with numerous banks and e‑wallets through Xendit’s infrastructure. Its 44 partner institutions include major banks, thrift banks, rural banks, and e‑wallet operators.
While Maybank is withdrawing, other institutions continue to support Dragonpay payments, especially merchants that rely on Dragonpay’s over‑the‑counter channels and online banking integrations. Dragonpay’s reach remains extensive, particularly among e‑commerce merchants, small and medium enterprises (SMEs), and platforms serving unbanked consumers.
Dragonpay usage has historically been widespread. As one of the earliest payment gateways in the Philippines, it became a default option for online merchants during the rise of e‑commerce in the 2010s.
Its popularity was driven by low credit card penetration in the country, making bank transfers and over‑the‑counter payments essential for online transactions.
Dragonpay’s merchant base of 905 businesses reflects its continued relevance, though its usage patterns are shifting as QR Ph adoption accelerates and e‑wallets dominate consumer payments.
Is QR Ph Monopolizing the Financial Ecosystem?
The rise of QR Ph, the national QR standard mandated by the BSP, has raised questions about whether it is gradually eliminating other payment gateways.
QR Ph aims to unify QR‑based payments across banks and e‑wallets, promoting interoperability and reducing fragmentation.
While QR Ph does not explicitly eliminate gateways like Dragonpay, it reduces reliance on third‑party payment processors by enabling direct bank‑to‑bank and wallet‑to‑wallet transfers. Maybank’s shift toward QR Ph‑enabled QRPay reflects this trend.
As more banks adopt QR Ph, the need for alternative gateways may diminish for certain use cases, especially consumer‑facing payments.
However, gateways like Dragonpay still play a critical role in merchant acquiring, cross‑border payments, and alternative payment rails that QR Ph does not fully replace.
What the Discontinuance Mean for PH
Maybank’s discontinuation of Dragonpay implicates different viewpoints for the Philippine financial ecosystem.
Foremost, it reflects the increasing dominance of QR Ph and e‑wallets, which are becoming the preferred payment channels for both consumers and banks. It also highlights the consolidation of payment gateways under regional platforms like Xendit, which may reshape competition and pricing structures.
Moreover, it raises questions about payment diversity, as the ecosystem shifts from multiple gateways to a smaller set of interoperable rails.
While this may improve efficiency, it could also reduce options for merchants who rely on alternative payment methods.
Regulation and Consumer Behavior
The Philippine financial ecosystem remains regulated primarily by the Bangko Sentral ng Pilipinas (BSP), which oversees banks, e‑wallets, payment gateways, and payment system operators.
BSP’s regulatory framework emphasizes consumer protection, cybersecurity, settlement standards, and anti‑money laundering compliance. Both Xendit and Dragonpay are licensed OPS under BSP oversight, ensuring accountability even as their operations consolidate.
The discontinuation of Dragonpay by Maybank also reflects changing consumer behavior. Filipinos increasingly prefer e‑wallets like GCash and Maya, which offer instant payments, QR Ph compatibility, and seamless merchant acceptance.
QR Ph’s rapid adoption across retail, transport, and government payments further accelerates this shift. As banks integrate QR Ph more deeply, traditional gateways may see reduced usage for consumer payments, though they remain essential for merchant acquiring and cross‑border commerce.
Furthermore, the transition may require adjustments for merchants. Those relying on Dragonpay for Maybank transactions must shift to alternative payment channels.
Xendit’s integration ensures that Dragonpay merchants retain access to a wide range of payment methods, but the loss of Maybank as a payment source may affect customers who prefer bank transfers.
Merchants must also prepare for new pricing structures under Xendit, including processing fees and dormant account charges that take effect in October 2026.
To existing Maybank customers, they can continue using GCash, Maya, and QR Ph for payments.
The discontinuation primarily affects those who prefer Dragonpay’s bank transfer or over‑the‑counter payment options. As QR Ph adoption grows, consumers may increasingly rely on QR‑based payments rather than traditional gateways.
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