GoTyme Bank expands partnership with Visa

MANILA, Philippines — GoTyme Bank is expanding its partnership with leading global digital payments Visa to support  the county’s transition to a cash-lite from a cash heavy economy.

The digital bank said it aims to expand its debit partnership with Visa in the coming years to move away from a product-centric system and spearhead the journey to a digital and cashless Philippines.

GoTyme Bank is a joint venture of the Gokongwei Group of companies, namely Robinsons Bank, Robinsons Land Corp., and Robinsons Retail Holdings Inc., as well as multi-country digital banking group Tyme.

It was recently honored for its excellence in the field and efforts to expand Visa’s payment services in the Philippines in 2022.

GoTyme Bank was named “Best Innovation of Card Acquisition” in recognition of its milestones in innovation and performance that stem from its high standard of client-first mentality, which made all its transactions and processes smooth and easy for clients.

One highlight of its various innovations is the first to market a digital kiosk, currently available in Robinsons Supermarkets branches, where consumers can claim their debit card instantly and for free.

This effort has made for a great initiative that readily welcomes newcomers and existing bank users to GoTyme’s committed client services.

Other notable features include signing up for an account, which only takes five minutes or less, and talking to a bank ambassador for any assistance and bank-related questions consumers may have.

In July last year, the Bangko Sentral ng Pilipinas (BSP) awarded Go Tyme Bank its Certificate of Authority to operate as a digital bank after it complied with all of regulations including the Bank Secrecy Act, Anti-Money Laundering Act, Customers Protection Act, Data Protection Act and a robust IT Risk Management Framework.

GoTyme Bank is set to revolutionize digital banking services in the Philippines with safe and secure transactions, as certified by the central bank. It aims to deliver high-quality banking products and services, such as better savings interest rewards, fund transfers, trading and investing, as well as 24/7 customer support via call, chat, or e-mail.

Aside from GoTyme, the BSP has given digital banking licenses to Overseas Filipino Bank, Tonik Bank, Maya Bank, UnionDigital Bank  and UNO Digital Bank.

Under its Digital Payments Transformation Roadmap, the BSP aims to convert 50 percent of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023.

With the COVID-19 pandemic serving as catalyst, the share of digital payments to total transactions increased to 30.3 percent in 2021 from 20.1 percent in 2020, while the number of banked Filipino adults almost doubled to 56 percent in 2021 from 29 percent in 2019.