MANILA, Philippines — 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 The funds can be withdrawn by the intended recipient from any PSBank or Metrobank ATM using the cardless withdrawal option.
“Around 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.
The service is at a minimal cost and priced competitively versus other domestic remittance platforms. Currently, PaSend comes with a P25 fee per transaction. An additional P7.50 will be collected if the beneficiary withdraws the funds from a Metrobank ATM. All fees are for the account of the sender.
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As this does not require the recipient to have an account with PSBank, this new service is seen to benefit even unbanked Filipinos or those who don’t have deposit accounts and may have the need to mobilize funds in the form of cash.
To avail of the Bank’s 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.
