MANILA -- Digital bank GoTyme is launching automated teller machines (ATMs) in March.

Speaking on ANC'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.

In a statement, the digital lender said the ATMs will be placed in malls, transportation terminals, groceries, central business districts (CBDs), and tourist spots. 

The bank said the ATMs are powered by Euronet’s Ren Payments Platform.

Sriram Jayakumar, Euronet Technology Services Inc. Managing Director, said their partnership allows GoTyme to launch ATMs in less than 45 days. 

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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.

"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," he noted.

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. 

The bank is also now processing 15 million transactions monthly, he said.

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Aside from their ATMs, GoTyme also said they are launching a multi-currency time deposit product.

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.

Interest rates are pegged at 3 percent for a 3-month tenor and 3.5 percent for 6 months. 

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.

--ANC, 22 February 2024