Now, GoTyme Provides 20 Complimentary InstaPay Transfer Services Each Month
GoTyme Bank, a leading digital bank in the Philippines, has announced a groundbreaking new policy that offers 20 free InstaPay transfers per month to all its customers. This move is set to shake up the market, potentially impacting the market share of traditional banks and other e-wallets.
The new policy provides a notable alternative to the standard transaction fees of PHP 15.00 to PHP 25.00 typically charged by traditional banks and other e-wallets for InstaPay services. GoTyme Bank charges a reduced fee of PHP 9.00 for any transaction beyond 20 free transfers.
The founder of GoTyme Bank, Dennis Mendiola, introduced this feature with the strategic goal of remaining competitive in the Philippines' rapidly evolving digital banking sector. The bank, launched in 2022, now serves approximately 5.5 million customers across the Philippines.
This policy is aimed at enhancing GoTyme Bank's service offerings for its growing user base. By reducing the costs associated with frequent, small-value transactions, GoTyme aims to better cater to the everyday financial activities of its clients.
Customers have the option to pay for this fee using their GoRewards points. This new policy may encourage more digital transactions among its customers, potentially increasing its revenue from other services.
The free InstaPay transfers offered by GoTyme Bank reset at the beginning of each calendar month. The bank's existing policy of offering free transfers via PesoNet will remain unchanged.
With this policy, GoTyme Bank is part of its efforts to improve its competitive position in the digital banking sector in the Philippines. The new policy by GoTyme Bank is now available for users to utilize.
The featured image is an edited image by faiz ch via Freepik.
This move by GoTyme Bank may attract more customers to its digital banking services due to the reduced transaction costs. As the digital banking sector continues to evolve in the Philippines, it will be interesting to see how traditional banks and e-wallets respond to this new development.
