Cavite-born mobile banking service OwnBank announced that its services will no longer support cash-only or physical cash methods, while all other major functionalities on the platform remain operational.
What’s the significance: The shift from physical cash transactions may bring inconvenience to some users who rely on cash.
Key Quote:
“Rest assured, all other functionalities on our platform remain fully operational. We remain steadfast in our commitment to offering you the most seamless neo-banking experience possible.”
OwnBank
What is OwnBank? It is a digitalized 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 fund transfers, and competitive interest rates on savings.
- The mobile application is available on Google Play, App Store, and App Gallery.
- While it is regulated as a rural bank by the Bangko Sentral ng Pilipinas (BSP) and is PDIC-insured, OwnBank is neither a digital bank nor licensed as an electronic money issuer (EMI)..
Between the Lines: Recently, the BSP emphasized that institutions operating as digital banks must obtain the necessary licenses and comply with stricter standards.
- OwnBank’s update may reflect the bank’s push for digital services, with some users speculating that it is linked to Central Bank’s call to traditional bank offering digital bank services.
The Numbers: As of writing, the OwnBank app has more than 500,000 downloads on the Google PlayStore, over 82,000 installs on the App Gallery, and 173 reviews on the App Store.
The Bottom Line: 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, noting which offers higher yields.
This article is published on BitPinas: OwnBank Shifts to Digital, Phases Out Cash Transactions
What else is happening in Crypto Philippines and beyond?
