TO be able to expand its network of transactions for its cardholders, Bank of China Manila (BOC) announced its interconnection with BancNet, the largest interbank network in the Philippines.
This means BOC cardholders can now use their BOC debit cards for essential banking transactions in over 20,000 ATMs and 300,000 point-of-sale (POS) terminals of BancNet member-banks in the Philippines.
“As we continue to propel our digital transformation efforts, we continue to focus on creating a better, more efficient banking experience for our clients,” said Deng Jun, Country Head of Bank of China Manila.
“Through BancNet, we are now able to serve our BOC cardholders not only through our branch’s ATMs, but also via other banks’ ATMs and POS terminals connected with BancNet.”
For its part, Fabian Dee, BancNet president, said they welcome Bank of China Manila to their nationwide network.
“We are happy to be its partner in providing banking convenience to its cardholders 24/7 through our members’ ATMs and POS terminals and look forward to further collaboration with BOC in its digital payments transformation journey,” Dee said.
As a BancNet Issuing Member, BOC cardholders can now perform the following transactions through the ATMs and POS terminals of other BancNet member banks:
ATM:
- Cash withdrawal
- Balance inquiry
- Bills payment
- Prepaid e-loading
POS:
- Purchase
- Balance inquiry
Beyond nationwide connectivity with BancNet, BOC is also interconnected with UnionPay network for overseas transactions. This means BOC cardholders can pay for purchases on POS terminals or perform balance inquiries and withdraw cash at ATMs that accept UnionPay in 180 countries and regions.
Currencies currently supported include both Renminbi (RMB) and Philippine Peso (PHP) if both are maintained by the cardholder. Otherwise, the currency default is RMB overseas, and PHP in the Philippines.
“Our goal is to increase our reach and better serve our clients. And being a BancNet member allows us to expand the bank’s network coverage while also lowering the costs of transactions,” continues Deng.