New digital bank GoTyme Bank has officially launched its GoTyme Visa ATM Debit Card, which would allow account holders to take advantage of the benefits of Visa for various transactions worldwide including withdrawals from any automated teller machine (ATM) in its network.
GoTyme Bank’s Visa ATM Debit Card is also powered by BancNet, the country’s single ATM switch operator. Through the multi-channel electronic payments network, the new debit card enables cardholders to transact not only through over 24,000 ATMs but also through over 480,000 point-of-sale (POS) terminals nationwide, and even via the Internet, and mobile phones. Thus, a wide range of services can be accessed via various channels, including real-time fund transfers and payment of purchases by direct debit to account through InstaPay.
The launch coincided with the signing of a partnership among the three groups—GoTyme Bank, Visa, and BancNet. The strategic team-up aims to address the need for convenient and accessible banking and digital payment solutions in the country.
Visa’s global reach and expertise in digital payments will synergize with BancNet’s extensive nationwide and offshore coverage to boost GoTyme Bank, which carries the brand reputation, technology, and knowledge of the Gokongwei Group. Together, they will offer high-quality banking services to modern Filipinos and present an exciting and rewarding digital payment and money movement experience.
“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,” said GoTyme Bank President and CEO Nathaniel Clarke. “This partnership aligns with our shared vision and commitment to uplift the Philippines’ digital economy.”
“This partnership is designed to benefit all Filipinos by providing access to high-quality banking and making digital and cashless transactions as seamless, secure, and convenient as possible,” said GoTyme Bank Co-CEO Albert Tinio. “Through this, we hope to encourage more Filipinos to embrace digital payments as the way forward toward a cashless society.”
GoTyme Bank Co-CEO Albert Tinio, BancNet CEO Emmie Reyes, GoTyme Bank President and CEO Nathaniel Clarke, and Visa Country Manager for PH and Guam Jeff Navarro
Consumers can download the GoTyme app to register for an account and generate a Visa-powered virtual card for free. This can already be used for making digital payments and other related transactions. Personalized cards can be issued in as fast as 5 minutes through GoTyme Bank’s kiosks, which will be located in all Robinsons Supermarket branches initially in Metro Manila by mid-October 2022 and eventually nationwide. The physical ATM card will bear the same identification number as the client’s virtual card.
GoTyme Bank, which is 60%-owned by the Gokongwei Group, is one of the six digital banks authorized by the Bangko Sentral ng Pilipinas (BSP) to operate locally. Digital banks and financial institutions that operate end-to-end processes via electronic channels and minus physical branches. GoTyme Bank targets to have 5.5 million cardholders in the Philippines in 3 years and up to 10 million in 5 years.
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