RCBC targets to double My Wallet cash card base

MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) is targeting to widen its My Wallet cash card membership to four million by 2012, more than double its present base of 1.5 million, as it negotiates more co-branding and partnership deals.

My Wallet is an all-in-one, pre-loaded cash card or electronic wallet (e-Wallet) that can take the place of credit cards and an automated teller machine (ATM) card.

Earnings from the sale and regular use of cash cards are part of a bank’s fee-based earnings.

RCBC executive vice president and head of retail banking Ismael R. Sandig said that increasing the cash card base has been simplified by expanding its partnerships and distribution network.

The cash card comes in 30 variants or co-branded partners, including Mercury Drug, 7-Eleven convenience stores, Enchanted Kingdom, and forwarding and parcel firm LBC. These establishments can also become reloading stations or centers where the cardholder can “load” cash into the e-wallet.

Sandig said they about to finalize new partnerships that may result in additional reloading partner of 3,000 outlets.

The all-in-one card allows one to enjoy electronic banking convenience like a regular ATM card: withdrawals, cashless shopping, balance inquiry and bills payment, without keeping a monthly maintaining balance. It is partnered with Visa International, which allows it to be utilized overseas.