BPI, MasterCard launch Express Cash

The Bank of the Philippine Islands (BPI) has tied up with Mastercard International to introduce a new product called BPI Express Cash, a first-of-its kind in Southeast Asia.

BPI senior executive vice president Aurelio Montinola III described the new product as an electronic innovation and forms part of the bank’s effort to provide the most extensive electronic banking services to the public.

According to Montinola, BPI Express Cash is available to all including those who are not depositors of BPI or BPI Family Bank.

"We want to tap not only those individuals who do not want to carry cash on their pockets but those who do not have bank accounts. We intend to extend our services to those "unbank" people," he said.

Montinola said they have been receiving warm responses from the public since they pilot tested the product recently. "Initial estimates show that we get an average of 800 card applications per day," he added.

Mastercard International senior vice president and general manager for South East and South Asia Jitendra Sonny Sannon said they have pilot tested the product in India and Brazil.

"Our partnership with BPI in launching this product is the first in Southeast Asia. We expect BPI to become a role model in this area. We are confident that this innovation will hasten electronic mechanisms not only in the Philippines and in the whole Asian region," Sannon said.

Sannnon said this new product will allow flexibilities and will provide another option for consumers to pay their bills. He said this innovation will utilize 20,000 Mastercard terminals in the Philippines.

With the BPI Express Cash, shopping and dining are made much easier and convenient. A cardholder can shop, dine, drink, and party at any establishment in which the Mastercard Electronic is accepted.

To avail of the product, an applicants is required to submit an application form to any BPI or BPI Family Bank branch together with a one-time processing fee of P100. After three days, the card can be loaded with a minimum amount of P500. Applications for Express Cash and balance inquiries may be made through 89-100.

In the future, BPI said it would allow withdrawal of cash from Express Cash through its Express Teller machines.