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DBP, Pag-IBIG launch EMV prepaid card


CEBU CITY – DBP and the Pag-IBIG Fund on September 21 launched the Pag-IBIG DBP prepaid card designed to provide a more convenient, fast and secure way of disbursing short term loan proceeds of fund members.

Chairman Alberto G. Romulo said that the card is one of several online banking initiatives that DBP has as an intermediary and transaction bank for the Pag-IBIG Fund. He mentioned DBP’s Internet Payment Gateway which lets Pag-IBIG members, especially those based abroad, to pay their contributions and loan amortizations via the Internet using any DBP or Bancnet ATM card, Visa or Mastercard debit or credit card. DBP, he said, has also partnered with the Pag-IBIG Fund for checkless disbursements that benefit housing developers.

Equipped with the latest Europay, Mastercard and Visa (EMV) chip card technology that provides security against fraud and counterfeiting, the Pag-IBIG DBP prepaid card allows owners to withdraw their funds through DBP and other banks’ ATMs.

The Pag-IBIG DBP prepaid card can also be used for online payments, cashless payment at VISA-accepting stores and outlets worldwide, and on tap-to-pay VISA PayWave terminals. Card owners can also conveniently monitor their balance and pay bills online through Bancnet Online.

The card, available at an affordable price of P50, also has a longer validity period of five years. Pag-IBIG-DBP prepaid card holders can use the same card for their succeeding loan applications.