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OwnBank Shifts to Digital, Phases Out Cash Transactions

Photo for the Article - OwnBank Shifts to Digital, Phases Out Cash Transactions

Cavite-born mobile banking service OwnBank announced that its services will no longer support cash-only or physical cash methods, while all other major functionalities on the platform remain operational.

Whatโ€™s the significance: The shift from physical cash transactions may bring inconvenience to some users who rely on cash.

Photo for the Article - OwnBank Shifts to Digital, Phases Out Cash Transactions

Key Quote:

โ€œRest assured, all other functionalities on our platform remain fully operational. We remain steadfast in our commitment to offering you the most seamless neo-banking experience possible.โ€

OwnBank

What is OwnBank? It is a digitalized bank and the online banking platform of the 60-year-old Rural Bank of Cavite City.

  • OwnBank offers a variety of services, including instant online account opening, fee-free accounts, free fund transfers, and competitive interest rates on savings.
  • The mobile application is available on Google Play, App Store, and App Gallery.
  • While it is regulated as a rural bank by the Bangko Sentral ng Pilipinas (BSP) and is PDIC-insured, OwnBank is neither a digital bank nor licensed as anย  electronic money issuer (EMI)..ย 

Between the Lines: Recently, the BSP emphasized that institutions operating as digital banks must obtain the necessary licenses and comply with stricter standards.

  • OwnBankโ€™s update may reflect the bankโ€™s push for digital services, with some users speculating that it is linked to Central Bankโ€™s call to traditional bank offering digital bank services.ย 
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The Numbers: As of writing, the OwnBank app has more than 500,000 downloads on the Google PlayStore, over 82,000 installs on the App Gallery, and 173 reviews on the App Store.

Photo for the Article - OwnBank Shifts to Digital, Phases Out Cash Transactions
Screenshot from OwnBank platform.

The Bottom Line: Users will need to transition to digital methods for cash transactions.

Worth reading: BitPinas compared the interest rates offered by local crypto exchanges (PDAX and Coins.ph) and digital banks in the Philippines, noting which offers higher yields.

This article is published on BitPinas: OwnBank Shifts to Digital, Phases Out Cash Transactions


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