Sad stats — according to the BSP’s Q3 2021 study, 69% of the entire population of the Philippines do not have bank accounts. That is a staggering 53 million Filipinos!
While it is true that the pandemic has forced a great majority of Filipinos to resort to digital payment transactions through e-wallets, the documentation requirements of formal banking have discouraged many from opening bank accounts that could allow them to save extra funds they have instead of leaving these as cash at home that does not grow.
This is what spurred GCash and BPI to team up and address the gap in order to reached the unbanked, especially the working millennials, to allow them to build up their savings so they can have greater financial security and freedom in life. This is possible through a GCash in-app feature — BPI #MySaveUp.
It is much easier for currently unbanked Filipinos to open a GCash e-wallet account. More than 2 years into the pandemic, many of them likely have e-wallet accounts already. Those who still don’t just need to download the GCash app and ask to be verified by presenting one government ID. This verification process will be sufficient to open a formal and all digital savings account without the long application process that brick-and-mortar banks usually have.
Doing financial transactions and managing a #MySaveUp account can be done from within the GCash or BPI mobile app. Fund transfers from a user’s BPI #MySaveUp account to his GCash wallet and vice versa is also free at this time.
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.
To entice more Filipinos to open digital bank accounts, there is an ongoing promo for those who open a BPI #MySaveUp account. Users can 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.
Those who still do not have GCash can download the app and submit a government ID in order to be verified. Once verified, all products and features of GCash can be accessed.
Here’s how to open a BPI #MySaveUp digital account via GCash.
- On the GCash app, click the GSave icon then choose BPI #MySaveUp.
- Once in, open a savings account and proceed with using your GCash profile.
- You will receive an email confirmation from BPI,
- That’s it! You can now start using and accessing your BPI #MySaveUp!
BSP’s goal is for 70% of adult Filipinos to have formal financial accounts by 2023. BPI’s Executive Vice President and Head of Consumer Banking, Maria Cristina L. Go, believes that their partnership with GCash will bring us closer to this target.