UNO Digital Bank will issue virtual and physical debit cards powered by Mastercard, Inc. during this quarter.
“Filipinos are embracing digital payments, and our partnership with Mastercard delivers on our promise to provide our customers with simple solutions that deliver a better banking experience,” UNO Digital Bank chief executive Manish Bhai said in a statement on Wednesday. communicated.
He said they are building a payment ecosystem for their potential customers and his Mastercard partnership is seen as helping the lender achieve this.
“Mastercard is honored to work with innovative partners like UNO Digital Bank who are leading the way in financial inclusion in the Philippines. Mastercard debit cards are designed to meet the changing needs of consumers and make everyday payments safe, simple, smart and accessible,” said Simon Calasanz, Mastercard country manager for the Philippines.
Physical debit cards to be issued under the partnership will be equipped with security measures that will mitigate the possibility of fraud incidents and help users prevent card misuse, UNO Digital Bank said.
Mr Bhai said earlier that they would focus on consumer lending and personalizing product offerings to ensure banking services will be relevant to the underbanked and underserved.
He also believes that the national identification initiative will help boost financial inclusion in the country, as the lack of documentary requirements has long prevented Filipinos from opening accounts with financial institutions.
UNO Digital Bank, a unit of DigibankASIA Pte, a financial technology player headquartered in Singapore. Ltd., obtained an online banking license from Bangko Sentral ng Pilipinas in June last year. — Noble LWT