The RCBC MyWallet card is a prepaid card that allows the cardholder to withdraw cash from ATMs, pay for purchases and pay for bills.
RCBC has issued 1.3 million MyWallet cards since these were launched and targets 3 million cards by the end of this year.
To be able to reach the unbanked segment, Mr. Sandig (RCBC executive vice president and retail banking group head) said RCBC plans to close partnerships with three big merchants this year after forging agreements with courier company LBC and Mercury Drug.
Though some of the MyWallet cards carry Visa logos, others only carry the bank’s own prepaid MyWallet card brand.
Since the card is issued by a bank, cardholders can actually obtain cash from the bank ATMs, making it more flexible than many of the non-network-branded prepaid cards in different countries.
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