Philippine Savings Bank, the thrift banking arm of the Metrobank Group, has rolled out a new service that allows its depositors to remit cash using its mobile app even to people without bank accounts.
The new service, PaSend, allows PSBank depositors to send instant cash 24/7 to relatives and friends via the PSBank Mobile App. The funds can be withdrawn by the intended recipient from any PSBank or Metrobank ATM using the cardless withdrawal option.
“Some 77 percent of Filipinos do not have a bank account and while we are one with the industry in efforts to enhance financial inclusion in the country, the PaSend service hopes to address the growing need for a low-cost cash remittance service that will cover even those without an existing deposit account,” PSBank senior vice president and marketing head Noel Tuazon said.
PaSend charges a P25 fee per transaction. An additional P7.50 will be collected if the beneficiary withdraws the fund from a Metrobank ATM. All fees will be charged to the sender.
BUSINESS
BUSINESS
BUSINESS
As this does not require the recipient to have an account with PSBank, the service is seen to benefit even unbanked Filipinos.
To use the PaSend service, customers will have to access their accounts via the PSBank Mobile App and select the Pa-Send option. The sender will be prompted to provide the following details: PSBank source account, amount to be sent/remitted, a one-time nominated four-digit number as PIN for the specific PaSend request (PIN1) and the beneficiary’s full name and mobile number.
