Credit card issuer Metrobank Card is set to launch a new card-based payment system, which will enable customers to receive same benefits of a credit card, without the need for credit evaluation or a bank account.
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Dubbed Yazz, the prepaid card will enable cashless transactions with accredited Visa merchants and automated teller machines across the globe.
The card, which will not be linked to any bank account, will comply with face-to-face registration requirement and transaction limits set by banking regulators.
The card will allow a maximum amount of PHP10,000 ($215.9) to be loaded per day and up to PHP100,000 ($2,159.3) per month. It will charge a PHP20 ($0.43) fee for every loading and a withdrawal fee of PHP20 ($0.43) for every ATM transaction.
The product, which is slated to be launched on 1 October 2015, will be equipped with the EMV global standard for chip-based technology.
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By GlobalData
