BPI to Level Up Savings with #Coins Program

In the last two years, neobanks—or digital banks that don’t have physical

branches—have been disrupting the market by offering unprecedented high interest
rates for a basic savings account.
 
“People who immediately benefit from the high rates are usually those who are able to
maintain high balances and can afford to open another deposit account outside of their
current banks. Beyond the introductory rate, unusually high interest rates are not
permanent, nor sustainable,” explained Carmina Marquez, BPI Deposits Head.
 
This is the reason the Bank of the Philippine Islands (BPI) is introducing honest-to-
goodness savings products that are not only easy-to-open but also uniquely and
sustainably rewarding—the #SaveUp digital deposit accounts.  #SaveUp is now
available not only through the BPI mobile app but also via GCASH app’s GSAVE
feature called BPI #MySaveUp.
 
These BPI products offer a convenient and trusted option for digital natives and banking
newbies, with low initial deposit, affordable maintaining balance, and more attractive
savings rate than what one gets from typical savings accounts opened via bank
branches.
 
“What makes this BPI product unique is instead of participating in accounts with high
interest rates that usually benefit the more affluent depositors, it provides an easier,
more fun way of saving through a gamified rewards program that can benefit more
people from all walks of life,” said Marquez.
 
Called #Coins, this program rewards depositors with virtual game coins as they
save. The #Coins can be used to win prizes such as cash vouchers and wallet credits,
an automatic KIA Stonic Style Edition car, or an Avida Vireo Studio condominium unit.  
 
“BPI introduces another first with our #Coins rewards program for #SaveUp
depositors. We want to make saving more affordable, more convenient, more fun and
more rewarding. This is our way of making saving more inclusive and encouraging
those who have not yet tried banking to do so easily. This is also our way of giving our
depositors a chance to own a brand-new SUV or a prime condominium unit as they
grow their savings—things that remain aspirational for so many Filipinos. Through
#SaveUp made rewarding with #Coins, we hope to invite more Filipinos to experience
banking and begin their journey towards achieving their dreams,” said Ginbee Go, BPI
Consumer Banking Head.

The #CoinsProgram rewards clients with one coin per month if their BPI #SaveUp or
#MySaveUp account has at least P3,000 worth of transactions each month that include
branch and digital deposits, remittance, funds transfers, and similar services. Depositors
may also earn extra coin for every P10,000 saved in their BPI #SaveUp or #MySaveUp
account by end of the month.
 
Game perks
Through the #COINS Program, BPI rewards its depositors with virtual game coins every
time they save, which they can use to win prizes such as electronic gift certificates.
Every month, there are 5,000 eGCs worth P100 available for clients, 500 winners of
P500 eGC, and 100 winners of P1,000 eGC; add to that two major prizes: an automatic
KIA Stonic Style Edition car and an Avida Vireo Studio condominium unit in Arca South.
 
Depositors will be able to enjoy these game perks in the #Coins microsite, which
features a Winners Gallery that display the users who already won a prize. It also shows
how many total #Coins are at play, and how many available eGC prizes there are to
help users strategize and control their game luck.
 
The Bangko Sentral ng Pilipinas (BSP) recently reported that “savings deposits had the
biggest share of total deposits at 48.7 percent.” This is as the Philippine banking system
(PBS) sustained its solid footing amid the pandemic, according to the “Recent Trends in
the Philippine Financial System” report released by BSP in January 2022.
 
“Especially during this time of high inflation, it is important to sustain the growth
momentum of the deposit and savings segments. BPI will continue to do its part and
launch new innovative products and programs with convenient digital options, as well as
easy access, and a more rewarding experience. A more financially inclusive economy is
how we, in BPI, can help build a better Philippines,” said Go.
 
To earn #Coins while saving, interested depositors may open a #SaveUp by
downloading the BPI mobile app, or open a #MySaveUp account from the GSAVE
menu of the GCASH app.

ABOUT BPI

The 171-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a
universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash
management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and
foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and
profitability, underpinned by stringent compliance and risk management regimes. E-mail: Media: mjsilvestre@bpi.com.ph Investors:
Investorrelations@bpi.com.ph. Bank of the Philippine Islands l Ayala North Exchange Tower 1, Ayala Avenue corner Salcedo St.,
Legaspi Village, Makati City 1229 PH l +632 8246 6364l www.bpi.com.ph

GCash, BPI seek to reach unbanked with BPI #MySaveUp

Did you know that 53 million Filipinos have no bank accounts? That is a staggering 69% percent of the country’s population from BSP’s Q3 2021 study.

The problem? Access. Many of them lack the documents required to open bank accounts. They opt to just keep their cash at home for easy access in case of emergency.

To encourage more Filipinos to go into formal banking, GCash, the country's leading e-wallet, recently partnered with the Bank of the Philippine Islands (BPI) to reach unbanked Filipinos, particularly working millennials.

This is part of the top mobile wallet’s continuing innovation to empower Filipinos and find solutions to digitalize their financial transactions, including paying for their purchases and bills, sending money to their loved ones, and building up their savings so they can have greater financial security and freedom in life.

The partnership between GCash and BPI offers BPI #MySaveUp, an in-app feature in the GSave marketplace.

"The goal of GSave Marketplace is to provide savings account options that would best fit their needs," Winsley Bangit, chief customer officer at GCash said. “The collaboration with BPI allows GCash users to enjoy the bank's wide reach and services nationwide. BPI #MySaveUp gives the underbanked and unbanked Filipinos access to formal banking through the GCash app.”

Helping further scale up financial inclusion, BPI #MySaveUp paves the way for unbanked Filipinos to easily apply for and own a formal and all-digital account sans the long application process, allowing them to start their saving journey and achieve their financial goals while earning higher interest rates.

Through this partnership, doing financial transactions and managing an account become plain sailing thru their GCash account or BPI mobile app. This new feature also offers free fund transfer from a user’s BPI #MySaveUp account to his GCash wallet and vice versa.

Users also have an option to get a BPI Debit Mastercard in any BPI branch for only P150 so they can access their account and withdraw from thousands of BancNet and Mastercard ATMs worldwide.

"We, at BPI, are committed to realizing our vision of building a better Philippines. We are committed to continuously pursue financial inclusion programs in support of the BSP's goal for 70% of adult Filipinos to have formal financial accounts by 2023. This partnership with GCash brings us closer to this target as we provide more Filipinos a path towards financial wellness," said Maria Cristina L. Go, Executive Vice President and Head of Consumer Banking at BPI.
BPI #MySaveUp users can also win monthly prizes. Every Php 10,000 saved by the end of the month or have at least Php 3,000 worth of valid transactions within the month earns them 1 #Coin which they can use to buy a game card to win electronic GCs or eGCs from BPI.
Applicants can open their BPI #MySaveUp account on their GCash app. They simply need to click the GSave icon then choose BPI #MySaveUp. Once in, they can open a savings account and proceed with using their GCash profile. After receiving the email confirmation from BPI, they can then finally start accessing BPI #MySaveUp.

For non-GCash users, they just need to download the app, upload one valid ID and wait to be verified. Once done, they can enjoy all the products and services of GCash.

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About BPI

The 170-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. 

About GCash

 

GCash (G-Xchange, Inc.) is the #1 Financial App in the Philippines. Through the GCash App, customers can easily purchase prepaid airtime; pay bills at over 1,400k partner billers; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5M partner merchants and social sellers; cash-in and cash-out at 232k partner agent network; and get access to savings, credit, insurance and invest money all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.).

 

GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs impacting more than 60 million Filipinos in the country today.