New digital bank GoTyme Bank and Philippine interbank ATM and online banking network BancNet, and Visa, have announced that they have formed a strategic partnership to address the need for convenient and accessible banking and digital payment solutions in the Philippines.
The 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. This high-quality card will allow everyone to enjoy the benefits of Visa for transactions worldwide including withdrawals from any ATM when traveling outside of the country.
With the help of 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 automated teller machines (ATM) but also at point-of-sale (P.O.S.) terminals, the Internet and mobile phones to 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. The virtual and physical cards will have the same number and will be personalized with the cardholder’s name.
Initially, consumers who download the GoTyme app will be able to generate a Visa-powered virtual card for free that they can use to make digital payments and other related transactions. Its easy process for onboarding will offer safer, better, and more varied options for their banking and payment needs including instant access to banking and payment 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 and the physical card can also be used for transactions here and abroad.
“With this partnership, GoTyme will have access to the cutting-edge switch infrastructure that BancNet operates and which enables secure and reliable money transfers to other banks and e-wallets in real-time, at any time. GoTyme customers will also be able to transact at over 24,000 ATMs and more than 480,000 POS terminals nationwide,” says BancNet CEO Emmie Reyes.
“I am excited to launch this partnership with GoTyme and BancNet. Visa has always been committed to making the digital payment experience seamless, secure, and accessible to all. Visa’s Consumer Payment Attitudes Study showed that more Filipinos are trying cashless modes of payment, and it is our collective goal to keep this momentum going. Together, we hope to address some of the barriers preventing Filipinos from embracing cashless payments, helping to drive greater financial inclusion in the country,” says Jeff Navarro, Visa’s Country Manager for the Philippines and Guam.
“We are building on the success of Tyme in South Africa, which became the fastest Visa issuer in the continent, and we are bringing it to the Philippines with GoTyme Bank. This partnership aligns with our shared vision and commitment to uplift the Philippines’ digital economy,” says GoTyme Bank President and CEO Nathaniel Clarke.
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.