Sterling Bank partners with Visa
Sterling Bank of Asia has partnered with Visa to come up with the first locally issued US dollar debit card embedded with the latest security feature against card hacking.
“We have continued to enhance the value and the range of the products we offer,” said Cecilio Paul San Pedro, the bank’s president and chief executive officer.
The ShopNPay US Dollar Visa Debit Card will bear the Europay Mastercard-Visa (EMV) micro-chip, which has tighter security feature than the usual magnetic strips present in bank cards.
The central bank has or- dered all local lenders to migrate to EMV-enabled cards by next year. Unlike static magnetic strips, EMV chips constantly change user information with every use, making it difficult to hack.
On its present offer, Sterling Bank said the dollar-denominated debit card comes with every Solo$Savings Account that will be opened.
Linked with the interest earning, passbook deposit account, San Pedro said the card is well suited for their patrons who travel often, whether for business or leisure.
Depositors may avail of the card for an initial deposit of $ 100 in a dollar deposit account. The maintaining balance is double that at $200.
“We’re keen to change the habit among cardholders so they can exercise more control of and manage their funds,” he said.
“( This) is very much in line with our commitment to provide customized solutions for our customers and respond to their evolving needs,” he added.
Stuart Tomlinson, Visa country manager for the Philippines and Guam, agreed.
“The US continues to be the top market for Filipino spenders. Last year, the payment volume doubled that of runner-up destination Singapore,” Tomlinson said, without citing data.
With the card, cardholders could easily access their dollar funds at any of the 29 million Visa accreditted merchants and terminals in over 170 countries.
ShopNPay US Dollar Visa Debit cardholders could make purchases on their trips abroad without the risk of carrying large amounts of cash while travelling. They also minimize foreign exchange conversion risks and currency conversion charges.