GoTyme Bank, a joint venture of an international digital banking group and the Gokongwei group, has officially formed partnerships today to secure its future within the space. This is with local banking network BancNet as well as Visa – one of the world’s leaders in digital payments. Together, this partnership aims to fulfill “untapped potential” within the banking and digital payment situation in the country.

Current trends suggest that cashless transactions have become the go-to option in the pandemic. A consumer study by Visa supported these claims by showing that the number of respondents who used contactless methods for the first time went up exponentially in the past 2-3 years. Studies show that adoption will only continue to become more widespread as time goes on.

Visa was chosen for its worldwide reach and expertise in the field of digital payments. When paired with BancNet’s nationwide reputation as a reliable partner in financial services, this is a partnership that could revolutionize the field and make digitalized banking even more convenient for Filipinos than ever before.

This launch also celebrates the introduction of GoTyme Visa ATM Debit Cards that will be given out for free to all GoTyme Bank Account Holders. This is a personalized, high-quality card that can be used with millions of machines that accept Visa around the globe. With its BancNet capability, both ATM transactions and point-of-sale terminals are no issue at all. InstaPay functions are also present through real-time fund transfers and direct debit purchase payments.

Users can claim the cards at self-service kiosks at Gokongwei businesses in as quickly as 5 minutes.

The application will hold the virtual cards that are programmed to be the exact same as the physical ones. BancNet CEO Emmie Reyes states that “GoTyme will (now) have access to the cutting-edge switch infrastructure that BancNet operates… at over 24,000 ATMs and 480,000 POS terminals nationwide.”

Jeff Navarro, Visa’s Country Manager followed up: “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.” He then continues mentioning that this drives more inclusive financial systems in the country and allows Filipinos to fully embrace cashless payments.

“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. He compares the local numbers of 2% investing population and the 2% risky, non-insured population as an “underutilized market” of sorts. This is what they seek to target with this partnership.

GoTyme Bank Co-CEO Albert Tinio concludes by mentioning that he hopes “more Filipinos are able to embrace digital payments as the way forward toward a cashless society.”

Learn more about GoTyme here.