A bank in the Philippines on Jan. 10 launched a prepaid smart card capable of performing multiple payment functions at ATMs, payment terminals or online.
Manila-based Philippines Savings Bank Ltd. says consumers may use the product at ATMs and point-of-sale terminals and as an “Internet cash” card for online transactions.
The MasterCard-branded card also supports domestic and foreign remittances, the bank said in a news release.
The card may access any payment terminal that accepts MasterCard, and cardholders may use it to access MasterCard’s 2 million Cirrus ATMs overseas. They also may use it to withdraw cash at any of the more than 350 Philippines Savings ATMs plus the more than 7,000 BancNet or Megalink machines deployed nationwide.
BancNet Inc. is a Philippines-based interbank network switch that connects the ATMs of more than 40 local banks; Megalink is an interbank ATM switch connecting about 22 local banks’ machines.
Consumers also may use the card to pay bills at any of the bank’s branches, participating local ATMs or through the bank’s online-banking service.
The card is available for a refundable deposit of 500 pesos (US$11 or 9 euros). Cardholders may reload their card accounts at any of the bank’s branches, through remote banking and at the institution’s ATMs for a reload fee of 10 pesos.
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