MANILA -- GoTyme said it is now accepting deposits made through coin deposit machines.

In a statement, the digital bank said users can now go to their nearest coin deposit machine to put their loose change into their GoTyme account.

The lender said customers just need to drop their coins in, and then follow the same Deposit-Withdrawal procedure on their GoTyme Bank app. 

"This will generate a secure barcode for you to scan to credit the deposit to your account," the bank said.

GoTyme said this allows their customers to convert their coins into deposits that will earn 4 percent annual interest.

This is "60 times more than the average payroll account and certainly more than if they were sitting in a piggybank at home," the bank said.

The Bangko Sentral ng Pilipinas (BSP) introduced coin deposit machines in 2023 to address the artificial coin shortage and to bring back coins in circulation.

Currently, coins deposited through coin deposit machines are credited to e-wallet accounts or converted into shopping vouchers.

BSP eyes direct-to-bank crediting of coins deposited via Coin Deposit Machines

As of February 21, 2024, around P510 million worth of coins have been deposited through coin deposit machines since August 2023. 

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