Citrus eyes $7.5-M investments in ATMs, ties up with Bankard

MANILA, Philippines - Citrus is prepared to invest at least $7.5 million (approximately P352 million) next year, and just for automated teller machines (ATM)!!

Only recently, it has worked out an alliance with Bankard Inc. and MasterCard for its MyCitruscard, a multi-purpose credit card with lifestyle in mind. And it plans to launch Citrus Online, an online shopping service in 2010.

“We are presently pilot testing 20 ATMs with BancNet, and we plan to go up to 500 units by next year,” Seng S.H. Rhee, Citrus chief executive officer, said. “Our ATMs are among the best, costing between $10,000 to $15,000 a unit.”

Rhee claims that Citrus already operates a hundred thousand ATM units all over the US.

There are more than 8,000 ATM units in the country, with over 95 percent operated by banks, versus millions of bank clients nationwide. Nearly 6,000 units are situated onsite (within the bank premises) and another 2,000 or so units located offsite (such as shopping malls, major bank clients, an the like).

“We would like to bring the ATMs closer to people who like to shop, who like to enjoy themselves, who like to travel,” Rhee said, adding that the ATM will be trilingual, or in English, Pilipino and Korean.

The Rizal Commercial Banking Corp. (RCBC) is the cash manager for transactions of the Citrus ATM units.

Meanwhile, the Citrus credit card has triple functions. It can be used to withdraw cash and pay bills; as a discount card for premium establishments; and rewards program wherein gift certificates are provided to purchase items in select partners and merchants.

Officials of RCBC Bankard said that the potentials with the tie-up with Citrus cards “was huge.”

 “Korean nationals are spread out in the Philippines, and it is an advantage for them to have an RCBC Bankard MyCitruscard to transact business or take advantage of the features in the Philippines,” the officials said.

Earlier, Bankard tie-up with China Unionpay, the fifth largest credit card issuer in the world.

“A yearly average of 800 Filipinos travel to mainland China, and an average of 200,000 Chinese nationals visit the Philippines annually,” Oscar B. Biason, Bankard president said.

“As we speak, China Unionpay card holder can now use their cards in any of Bankard’s 6,000 merchants in the Philippines,” Biason added.

The seven-year old China Unionpay is the only card payment network in China, and the world’s fifth card issuer behind MasterCard, Visa, JCB and American Express. It has a cardholder base of 1.2 billion and cards-in-force numbering 1.9 billion.        – Ted Torres