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RCBC EYES GREATER GROWTH IN MYWALLET CARDS

Greater co-branding efforts and enhanced services promise to make the RCBC MyWallet Card even more attractive to its users.

Developments are underway as Rizal Commercial Banking Corporation (RCBC) is intent on reaching a wider market for this electronic cash card wonder. The bank is targeting to grow its cash card base by four million this year, more than double the 1.8 million users it attained last year.

"The RCBC MyWallet Card is one of the leading prepaid stored value card in the industry," said Ismael R. Sandig, RCBC Executive Vice President and Retail Banking Group Head. "We intend to maintain this momentum."

He said that among the bank's initiatives that will maintain its product's rapid growth pace are more partnerships with merchant establishments that will lead to increased consumer acceptability and usage.

Towards this end, the bank has already forged tie-ups with Enchanted Kingdom in Laguna, LBC Express Inc. and Mercury Drug. Cardholders can look out for more partnerships in the months ahead, Sandig said.

Apart from these merchant alliances, the MyWallet's Card's features make it attractive in itself. It acts as a safe and secure way of carrying one's cash. Reloading is easy and affordable at just P10 per load.

With no balance to maintain, users can load up to PhP100,000 per month, or whatever is enough to just get them through their day. It can also be used to withdraw money from ATMs, shop and pay via Bancnet point-of-sale systems, pay bills, send money to other MyWallet cardholders, and do other transactions just like a regular ATM card.

The card also comes with variants that carry the Visa logo, which allows the cardholders to use it abroad for withdrawals and purchases, either online or thru POS merchants.

Sandig said that the RCBC MyWallet Card gives the majority of the "unbanked" market a great tool to conduct cashless transactions. Cardholders will be able to enjoy this convenience even more as RCBC is also set to deploy more offsite ATMs this year.