Digital bank GoTyme on Tuesday geared up for its official launch with the promise of free virtual and physical debit cards for its customers as more Filipinos go cashless in the post-pandemic world.
While traditional banks usually take days or weeks to deliver debit cards to customers, GoTyme is promising to make its cards available for free within five minutes in digital kiosks that would be located in Robinsons Malls.
"The days of delivering cards by mail are no more," GoTyme Co-CEO Albert Tinio told reporters. "It's crafted to stand alone and be distinct and different."
The joint venture between the Gokongwei Group and Singapore's Tyme, which is launching before yearend, aims to have a "nationwide footprint" by mid-2023 according to its president and CEO Nathaniel Clarke.
GoTyme partnered with online banking and payment networks Bancnet and Visa for its debit card which features teal-colored stripes, and could soon be used to withdraw money from different ATMs nationwide and transact with brick-and-mortar stores.
Individuals who will download the GoTyme app can soon generate a Visa-powered virtual card which can be used for digital payments such as fund transfers while the physical card can be used for transactions locally and overseas.
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Cashless transactions are gaining interest among millennials and Gen Z based on a study by payment network Visa with some 12% of young professionals saying they would lessen the use of cash for transactions after the pandemic.
GoTyme is the latest digital banking option for Filipinos after its application was approved by the Bangko Sentral ng Pilipinas in August 2021.
Editor's Note: GOTyme and Summit Media, which publishes Reportr, are part of the Gokongwei Group.