Sterling Bank launches EMV dollar card

The thrift bank managed by the Tiu family said in a statement that its latest offering is the first and only locally-issued US dollar debit card that is embedded with an Europay, MasterCard and Visa (EMV) chip, the global standard for chip-based credit and debit card transactions.

Sterling bank noted that the ShopNPay US Dollar Visa Debit Card comes with every Solo Savings Account opened with the bank and is linked with the interest-earning, passbook deposit account. The card's balance and value is also in dollars, making it ideal for clients who travel often, it added.

"For an initial deposit of $100 and a maintaining balance of $200 in a dollar savings account, one can enjoy the unique cashless convenience of Sterling Bank of Asia's ShopNPay US Dollar Visa Debit Card," the bank said in its statement.

Sterling Bank President and CEO Cecilio Paul D. San Pedro said the ShopNPay card is "very much in line" with the bank's commitment to provide customized solutions and respond to the evolving needs of its clients.

"Once again we are giving our clients the cashless convenience they desire. The ShopNPay US Dollar Visa Debit Card can be accessed locally and internationally, near-at-hand when they need it."

"Sterling Bank of Asia is the only savings bank in the Philippines that issues a US Dollar-denominated Visa debit card with EMV chip card technology," he was quoted as saying, adding that the thrift bank first launched its line of prepaid and debit Visa cards with EMV chip back in 2008.

Stuart Tomlinson, Visa country manager for the Philippines and Guam, for his part said: "The United States of America continues to be the top market for Filipino spenders. Last year, the payment volume doubled that of runner-up destination Singapore."

"ShopNPay US Dollar Visa Debit Card, which is EMV chip-enabled, is the smart and secure choice for savvy consumers," he added.

Sterling Bank said the cardholders can easily access their dollar funds at any of the 29 million Visa accredited merchants and terminals or at any Visa/Plus affiliate automated teller machines in over 170 countries; avail of the exclusive perks of Visa promos; and for online transactions.

"ShopNPay US Dollar Visa Debit cardholders can make purchases on their trips abroad without the risk of carrying large amounts of cash while traveling. They also minimize foreign exchange conversion risks and currency conversion charges," the bank added.

The domestic banking industry must beat a January 2017 deadline to upgrade their information technology (IT) operations and replace their old ATMs with ones compatible with EMV chip-enabled cards.

Source: Bworld Online