GoTyme Bank, Visa and BancNet partner to boost the Philippines towards a cashless society
Cashless transactions have become the norm during the pandemic. The 2021 Consumer Payment Attitudes study conducted by Visa found that 14% of the respondents used contactless cards to pay for their transactions for the first time in 2020 while 12% of the respondents, led by the Gen Z and Gen Y age groups, said they will be less likely to use cash after the current health crisis. This means that cashless payment forms such as cards and e-wallet, as well as digital bank platforms will play a bigger role in the transition to a cashless Philippine society.
Recently, GoTyme Bank, Philippine interbank ATM and online banking network BancNet, and Visa, one of the world’s leaders in digital payments, formed a strategic partnership to address the need for convenient and accessible banking and digital payment solutions in the Philippines.
The synergy works. Visa is known for its worldwide reach and expertise in digital payments. BancNet has its extensive nationwide and offshore coverage. GoTyme Bank carries the Gokongwei brand’s reputation, technology and understanding of the Philippines market. Together, these partners plan to offer consumers high quality banking to every Filipino as well as an exciting and rewarding digital payment and money movement experience.
This partnership launch coincided with the introduction of the GoTyme Visa ATM Debit Card that will be given out for free to all GoTyme Bank Account holders.
The virtual and physical cards will have the same number personalized with the cardholder’s name. This card will allow everyone to enjoy the benefits of Visa for transactions worldwide, including withdrawals from any ATM when traveling outside of the country. Powered by BancNet, which is the Philippines’ single ATM switch operator, the multi-bank, multi-channel electronic payments network will enable GoTyme cardholders to transact not only at ATMs but also at point-of-sale (POS) terminals, via the internet, and using mobile phones. Users can access a wide range of services through the different channels, including real-time fund transfers and payment of purchases by direct debit to account through InstaPay. GoTyme customers will also be able to transact at over 24,000 ATMs and more than 480,000 POS terminals nationwide.
Those who download the GoTyme app will be able to generate a Visa-powered virtual card for free that can be used to make digital payments and other related transactions with more features in the pipeline. This easy onboarding process will offer safer, better and varied options for their banking and payments needs, including instant access to banking and payments platforms through the Visa debit card. The personalized cards will be issued in real time through GoTyme Bank. These can be used for e-commerce; the physical card can also be used for transactions here and abroad.
About GoTyme Bank
GoTyme Bank, is a joint venture of Tyme, a multi-country digital banking group, with members of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corporation, and Robinsons Retail Holdings, Inc. GoTyme Bank aims to unlock its customers’ financial potential with the convenience and security of digital banking. With a high tech-high touch approach, GoTyme Bank combines the ease of immediate account opening with a personalized debit card released through kiosks located in shopping malls throughout the Philippines, plus the power of self-serve financial solutions accessible through an intuitive “all in one” banking app. These, along with other industry-leading offerings, set GoTyme Bank on-track to revolutionize banking in the Philippines.
About the Gokongwei Group
The Gokongwei Group is one of the largest and more diversified Filipino conglomerates. It is composed of JG Summit Holdings Inc. which has business interests in food manufacturing (Universal Robina Corporation), air transportation (Cebu Pacific), real estate and property development (Robinsons Land), banking (Robinsons Bank), and petrochemicals (JG Summit Olefins Corp.); and Robinsons Retail Holdings Inc. (RRHI); and the Summit Media Group.
