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Digital bank GoTyme to launch ATMs

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<div><ivs-player data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-spid="3001339" data-ivs-vid="2967906"></ivs-player></div><script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script><p>MANILA -- Digital bank GoTyme is launching automated teller machines (ATMs) in March.</p><p>Speaking on ANC&#x27;s Market Edge, GoTyme CEO Nate Clarke said they will initially put up 20 kiosks in Metro Manila and key cities, then increase this number depending on demand.</p><p>In a statement, the digital lender said the ATMs will be placed in malls, transportation terminals, groceries, central business districts (CBDs), and tourist spots. </p><p>The bank said the ATMs are powered by Euronet’s Ren Payments Platform.</p><p>Sriram Jayakumar, Euronet Technology Services Inc. Managing Director, said their partnership allows GoTyme to launch ATMs in less than 45 days. </p><div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img class="fr-fic fr-dib" src="https://od2-image-api.abs-cbn.com/prod/editorImage/GoTyme-ATM.jpg" style="width:950px"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"><em> Handout</em></span><em> </em></span></span></span></div><div> </div><p>Asked about why they put up ATMs when the goal of digital banks is to help people go cashless, Clarke said this is part of their drive actually to provide a wholistic, everyday banking service for everyone.</p><p>&quot;The reality is there has to be a bridge. If you look at, even in big-box formal retail, about half of transactions are still in cash....even affluent segments, they’re still using cash,&quot; he noted.</p><p>Fifteen months since its commercial launch, GoTyme now has 2.5 million customers, according to Clarke. He said they may add 275,000 customers in February. </p><p>The bank is also now processing 15 million transactions monthly, he said.</p><div><a href="https://news.abs-cbn.com/business/01/05/24/growing-your-money-should-you-save-in-digital-banks" rel="noopener noreferrer" target="_blank">Growing your money: Should you put your savings in digital banks?</a></div><p>Aside from their ATMs, GoTyme also said they are launching a multi-currency time deposit product.</p><p>For as little as $1 or roughly P50, users can already make a dollar account time deposit, unlike traditional banks that often require a minimum investment of $1,000.</p><p>Interest rates are pegged at 3 percent for a 3-month tenor and 3.5 percent for 6 months. </p><p>GoTyme also said it is lowering its savings interest rate to 4 percent per annum--from the previous 5 percent--effective March 1 as it aligns itself with Bangko Sentral policies and current economic conditions.</p><div><br/><strong>--ANC, 22 February 2024</strong></div>

Digital bank GoTyme to launch ATMs, dollar time deposit

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Digital bank GoTyme to launch ATMs, dollar time deposit

ABS-CBN News

Published Feb 22, 2024 12:00 PM PHT

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Updated Feb 22, 2024 06:59 PM PHT

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