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April 12, 2024

OwnBank partners with Mastercard for debit cards

OwnBank, the online banking platform of the Rural Bank of Cavite City Inc., announced a strategic partnership with Mastercard to introduce both virtual and physical debit cards.

The collaboration aims to enhance digital payment options, providing customers with a broader range of digital financing solutions backed by Mastercard’s technology for secure, efficient, and convenient online transactions.

OwnBank is set to roll out its virtual debit card this quarter, followed by the physical debit card in the second quarter. Additionally, the bank will introduce a series of exclusive deals and offers for debit cardholders.

OwnBank customers will receive a complimentary virtual debit card, while those who have fully upgraded their accounts and met specific criteria will qualify for a physical debit card. Both cards will offer contactless payment capabilities and incorporate a Europay, Mastercard, and Visa chip for heightened security. Through the OwnBank app, users can manage their cards by freezing them, setting transaction limits, and resetting their card PINs.

Launched in October, OwnBank is a new player in the Philippine banking market, regulated by the Bangko Sentral ng Pilipinas (BSP) and insured by the Philippine Deposit Insurance Corporation (PDIC).