Philippine
Savings Bank, the thrift banking arm of the Metrobank Group, unveiled PaSend, a
service that allows PSBank depositors to conveniently send instant cash 24/7 to
relatives and friends via the PSBank Mobile App, and which can be withdrawn by
the intended recipient from any PSBank or Metrobank ATM.
The
service is at a minimal cost priced competitively versus other domestic
remittance platforms, and does not even require the recipient to have an
account with PSBank. As such, this new service
will 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 4-digit number as PIN for the specific PaSend request
(PIN1) and the beneficiary’s full name and mobile number.
After
some process of validation, the Bank approves the transaction request and will automatically
send to the intended beneficiary’s mobile number a one-time system-generated
6-digit PIN (PIN2) together with the remittance amount specified by the sender.
To complete the transaction, the sender will have to convey or advise the
one-time self-nominated PIN1 to the beneficiary who will then have to
go
to a PSBank or Metrobank ATM to get the cash via PaSend/Cardless Withdrawal
option. Withdrawal of the funds will automatically generate for the sender
appropriate email and/or SMS notifications confirming the completion of the
transaction request.
A
sender can send amounts in multiples of 100 with minimum set at Php 200 and
maximum at Php 5,000 per transaction. No partial withdrawal is allowed, and the
recipient must complete the transaction within a specific time period. PaSend
transactions are subject to daily and monthly limits on both sender and
beneficiary as applicable. PaSend
processing fee is minimal and non-refundable. The fee for ATM cash withdrawal is
free for PSBank ATMs standard ATM fees apply for those using Metrobank ATMs. All fees are for the account of the sender.
“Around
77% 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
is just one of the various digital initiatives of PSBank consistent with
staying true to its brand promise of keeping things “simple and maaasahan”.
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