Digital bank ING Philippines announced on Tuesday, Nov. 24, the launch of its payment account “ING Pay” that is designed to make digital payments more convenient and secure.
“We have received very encouraging results since our launch in 2018 with our entry product – ING Save Account. The launch of ING Pay further demonstrates our commitment to empower customers as they look for a safer and more efficient way to make payments and transactions in the midst of the pandemic. Now ING customers can transact digitally at the convenience of their home. We take the hassle out of payments so our customers can spend more time on the things that matter to them,” said ING Philippines country manager Hans Sicat.
Hans added that ING Pay will now work hand-in-hand with its savings account, which is said to offer the highest interest rate in the market.
ING customers can also continue to enjoy a fully mobile account opening experience with just one government-issued ID and having multiple digital ways to fund the ING Pay and ING Save accounts using PesoNet, InstaPay, or mobile check deposit via the ING app.
ING Pay features more than 70 pre-enrolled billers and merchants, including major utilities, credit cards, insurance and telecommunication companies. By doing so, customers do not need to spend extra time filling up the biller or merchant’s info when making a payment.
“We offer every ING Pay customer a free virtual debit card where the details are only accessible via the ING mobile app, so they do not have to worry about card details falling into the wrong hands. ING Pay customers can also freeze or unfreeze their card in one tap via the ING mobile app when they need to secure it,” said Mohamed Keraine, head of retail at ING Philippines.
“The ING Pay physical debit card will be available soon so look out for our announcement on social media and notifications. And with the festive season approaching, we hope our customers can have an enjoyable time spending for the holidays by offering 5% cash back on all their purchases using either the ING virtual or physical debit cards from now until December 31. Each ING Pay customer can receive up to P50,000 in cash back, with no minimum spend per transaction,” said Keraine.
With the ING Pay physical debit card, customers will be able to withdraw cash at local BancNet ATMs. Both the virtual and physical cards can be used for purchases and transactions at online or physical stores.
ING Pay also offers free instant fund transfers via InstaPay to participating financial institutions in the Philippines.
Mohamed emphasized that ING customers also do not have to worry about any fees when opening accounts or transferring funds via InstaPay and PesoNet. The bank has maintained a no-fees policy since its launch in 2018 and intends to keep it that way.