Philippines’ UNO Digital Bank Plans to Issue Debit Cards Powered by Mastercardby Fintech News Philippines April 7, 2022
Bangko Sentral ng Pilipinas-licensed UNO Digital Bank announced that it is partnering with Mastercard to issue virtual and physical debit cards in the country.
The virtual cards will make it easy for customers to transact online, and the physical card can be used at points of sale at retail outlets or any Mastercard, Maestro, or Cirrus ATMs worldwide.
UNO Digital Bank’s physical Debit Mastercard will have security features that are designed to mitigate fraud.
The bank added that it will make further announcements on the debit card’s attributes when it launches later this year.
It is currently accepting registration for users looking for exclusive access prior to the official launch.
UNO Digital Bank is among the six recipients of the digital bank licenses that were issued by the central bank, including two incumbent banks which have converted their existing licenses to digital bank licenses.
These include UnionDigital Bank, GoTyme and PayMaya. Meanwhile, Overseas Filipino Bank and Tonik are banks that converted their existing licenses to digital banks.
Manish Bhai, CEO of UNO Digital Bank said,
“Filipinos are embracing digital payments, and our partnership with Mastercard honors our promise to deliver simple solutions to our customers that offer a better banking experience. Moreover, as a credit-led bank we are also building a payments ecosystem.
In our business partners, such as with Mastercard, we seek those with a similar mindset to our own: a mission to deliver innovation with simplicity. Stay tuned as to how we innovate the debit Mastercard card for our launch in Q2 – it will be a first for the Philippines!”
Simon Calasanz, Country Manager, Philippines at Mastercard said,
“Mastercard is honored to work with innovative partners like UNO Digital Bank who are paving the way to financial inclusion in the Philippines.
Mastercard debit cards are designed to meet evolving consumer needs, and make everyday payments safe, simple, smart and accessible.”