What to Expect From GoTyme's Free Global Visa Debit Cards
While the Philippines has done well in terms of its cashless payment adoption, the country still has a long way to go before Filipinos can transact this way globally. This is the primary reason why GoTyme Bank has partnered with BancNet and Visa. The group promises to deliver more accessible banking and digital payment solutions nationwide soon.
The digital-only bank formally announced the release of its new GoTyme ATM debit cards on Tuesday, September 6. This move should help give it a bigger national footprint by 2023.
"What was the GoTyme brand at war with? We'd ask this as an exercise. Every iconic brand in the world, Apple, Nike, etc., is at war with something. For example, Nike is at war with being sedentary or lazy," explained GoTyme Bank President and Chief Executive Officer Nathaniel Clarke. "They attack that by building apparel that gets you to move. Apple is at war with frustration or inconvenience. And they attack that with beautiful design and seamless experience."
The CEO further stated: "And at GoTyme, we realized, as a team, that we are at war with unmet financial potential."
In the past, GoTyme has worked with emerging markets such as South Africa to bolster the country's digital economy. In a span of three years, 5.5 million customers in the African nation registered with them, making GoTyme the largest Visa provider in the continent.
(FROM LEFT) GoTyme Bank Co-CEO Albert Tinio, Visa Country Manager for the Philippines and Guam Jeff Navarro, BancNet CEO Emmie Reyes, and GoTyme Bank President and CEO Nathaniel Clarke holding a supersized version of the GoTyme Visa debit card.
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He hopes to achieve the same in the Philippines. Clarke claimed: "There are millions of Filipinos who don't have access to the right tools to meet their full financial potential. There's this 'two-percent' challenge' that we talk about: Only two percent of Filipinos have access to a credit card or affordable credit. Only two percent of Filipinos have the ability to buy stocks or bonds and actually grow their wealth. The same goes for insurance."
Through this particular venture, the bank will produce and distribute GoTyme Visa ATM debit cards for free to all GoTyme bank account holders. The card can be used for transactions worldwide, including withdrawals from ATMs outside of the Philippines.
With BancNet, GoTyme cardholders can also transact via point-of-sale (POS) terminals, the internet, and mobile phones, 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, as well. They will be personalized with the cardholders' names. This card may soon be used in more than 24,000 ATMs and 480,000 POS terminals nationwide.
The digital bank has a hybrid model of distribution that would allow it to make use of the infrastructure and ecosystem that BancNet, Visa, and the Gokongwei Group of Companies provide. We can expect to see GoTyme kiosks in Robinsons supermarkets, malls, and more.
Those who download the GoTyme app will be able to generate a Visa-powered virtual card for free. They may use it to make digital payments and other related transactions.
“I am excited to launch this partnership with GoTyme and BancNet," said Visa Country Manager for the Philippines and Guam Jeff Navarro. "Visa has always been committed to making the digital payment experience seamless, secure, and accessible. Visa’s Consumer Payment Attitudes Study showed that more Filipinos are trying cashless modes of payment, and our collective goal is to keep this momentum going."
He added: "Together, we hope to address some of the barriers preventing Filipinos from embracing cashless payments, helping to drive greater financial inclusion in the country.”
Esquire Philippines is published by Summit Media, a company owned and managed by the Gokongwei Group of Companies, including JG Summit Holdings and GoTyme Bank.
