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OwnBank, Mastercard partner for debit card

Business | Banking & Finance

OwnBank, Mastercard partner for debit card

By Lee C. Chipongian

Mobile banking app OwnBank has partnered with Mastercard to offer debit cards to clients within the first quarter this year.

OwnBank, also known as OwnBank The Rural Bank of Cavite City, introduced the banking app last October 2023 for a "seamless and secure banking transactions." It is launching both a virtual and physical debit card this year.

In a statement, the central bank-regulated bank said the “strategic partnership aims to foster financial inclusion and is poised to introduce new and sophisticated solutions that empower individuals and businesses across the country.”

It further noted that the market is ripe for more digital card offers since the Philippines “has witnessed a surge in digital-only banks and a preference for electronic payments, driving growth in card payments.” It cited a GlobalData study that in the country, the cards and payments market was worth $45 billion in 2023.

“Combining OwnBank's commitment to financial inclusion and Mastercard's global payment expertise, the collaboration offers Filipinos expanded digital payment options, global transaction acceptance, enhanced security measures, integrated app features, and more,” said the bank.

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