The country’s three largest electronic banking networks—BancNet, Expressnet, and MegaLink have interconnected their network of payment terminals numbering more than 37,000 at over 20,000 accredited stores nationwide. For ATM cardholders, this means being able to use their ATM cards to pay for their purchases at any of these stores, regardless of their ATM network.
At ceremonies held at Century Park Hotel last October 27, Bangko Sentral ng Pilipinas governor Amando Tetangco, Jr. launched the interconnection, along with Bankers Association of the Philippines president and Expressnet chairman and CEO Aurelio Montinola III, BancNet chairman Ricardo Chua, and MegaLink president Benjamin Castilllo.
Governor Tetangco commended the networks and their member banks for this collaboration to make payments for purchases more convenient for bank customers. He noted that the combined cardholder base of the three networks, at over 30 million, comprise one third of the country’s population, and this interconnection is a step towards making electronic banking more accessible to a greater number of Filipinos.
Aside from the convenience and security of not having to line up to withdraw cash at the ATM, another benefit of using the ATM card to pay for purchases is that it is free of charge for the cardholder.
It is also fast and easy. The customer simply has to present his ATM card to the cashier of the store, enter his personal identification number (PIN) at the terminal and his payment is done. There is no need to enroll or register his bank account.
For merchants, this facility provides better cash management, less need for coins, minimized shortages, reduced risks, and expanded customer base.
According to Mr. Chua, “it provides greater efficiency to the entire payment system through faster transaction processing, and on a bigger scale, it paves the way for the development of a national payments infrastructure that will facilitate electronic commerce across the country.”
Bangko Sentral ng Pilipinas governor Amando Tetangco, Jr ( 2nd from left) poses with the heads of the three largest electronic banking networks in the country- (From left) Megalink president Benjamin Castillo, Expressnet chairman and CEO Aurelio Montinola III and BancNet chairman Ricardo Chua .
