OwnBank, the Cavite-born mobile banking service, announced that its services will no longer support physical cash or cash-only methods, while all other important functionalities of the platform will remain operational.
What is the meaning: Changing physical transactions to cash may bring inconvenience to some cash-dependent users.
Key quote:
“Rest assured that all other functionalities of our platform remain fully operational. “We remain steadfast in our commitment to offering you the most seamless neobanking experience possible.”
ownbank
What is OwnBank? It is a digitized bank and the online banking platform of the 60-year-old Rural Bank of Cavite City.
- OwnBank offers a variety of services, including instant online account opening, fee-free accounts, free funds transfers and competitive interest rates on savings.
- The mobile application is available on Google Play, App Store and App Gallery.
- Although it is regulated as a rural bank by the Central Bank of the Philippines (BSP) and is insured by PDICOwnBank is not a digital bank nor is it licensed as a bank electronic money issuer (EMI)..
Between the lines: Recently, the BSP emphasized that institutions operating as digital banks must obtain the necessary licenses and meet stricter standards.
- OwnBank’s upgrade may reflect the bank’s push for digital services, with some users speculating that it is related to the Central Bank’s call for traditional banks to offer digital banking services.
The numbers: At the time of writing, the OwnBank app has over 500,000 downloads on Google PlayStore, over 82,000 installs on App Gallery, and 173 reviews on App Store.
The conclusion: Users will need to transition to digital methods for cash transactions.
worth reading: BitPinas compared the interest rates offered by local crypto exchanges (PDAX and Coins.ph) and digital banks in the Philippines, pointing out which one offers higher returns.
This article is published on BitPinas: OwnBank goes digital and phases out cash transactions
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