GoTyme Bank, a new digital banking entity regulated by the Bangko Sentral ng Pilipinas (BSP), recently announced a partnership with ATM network operator BancNet and digital payments company Visa in time for the unveiling of its official debit card for Filipino customers.
While currently in early access for select users, shortly after being awarded a Certificate of Authority to operate as a digital bank by the BSP in August, GoTyme plans to issue debit cards printed out by “TymeKiosks” which will be initially located in Robinsons malls across Metro Manila.
Through these kiosks, the company will be able to leverage on a fully automated KYC (know-your-customer) onboarding process which results to 80% to 90% lower cost versus traditional processes. In South Africa, GoTyme Bank’s counterpart TymeBank reported that 85% of its users prefer opening accounts through physical kiosks found in malls and store outlets.
At home, GoTyme’s collaboration with Visa will allow GoTyme Bank account holders to utilize a Visa-powered virtual card generated via app, allowing broader support of digital payments both local and overseas. Meanwhile, the physical Visa debit card can be used for in-store transactions and ATM withdrawals.
“We are closer today than ever before to Visa’s original plan – that digital money would be universally accepted as a currency. When individuals and businesses are connected to the Visa network to buy or sell, they’re really directly plugged into the global commerce ecosystem,” said Jeff Navarro, Visa Philippines country manager.
As the newly appointed country manager of Visa in the country, Jeff Navarro said in an earlier statement that the company will be closely working with financial technology companies to grow digital payments in the country, enabling businesses and the economy at large to thrive.
“With this partnership, we hope to help address some of the barriers preventing Filipinos from embracing cashless payments. In a bigger context, embracing digital as a way of life. The pandemic has accelerated the shift to a cashless society,” Navarro added.
While GoTyme Bank’s lofty goal is to engage with the unserved and underserved Filipinos, GoTyme Bank president and CEO Nathaniel Clarke says that the company will also cater to the higher income segment from the beginning, building on the momentum of TymeBank’s success in South Africa by partnering with retail giant The Foschini Group (TFG), known for its several luxury brands.
“Robinsons Group is very much known for its retail footprint. As we leverage that ecosystem, we will be introducing features and benefits like these where users or customers of GoTyme will have either points or rewards with every use,” commented GoTyme Bank co-CEO Albert Tinio.
Once publicly available, GoTyme will mark TymeBank’s official expansion in Asia. Since February 19, TymeBank has onboarded roughly 3.5 million customers, and now with the Gokongwei Group’s nationwide presence, GoTyme Bank is expecting to take “a clear path to rapid growth.”
