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The Philippines: BancNet, Megalink merger approved

By  |  January 25, 2015

The merger between the Philippines two major ATM networks, BancNet and Megalink, has been approved. This is an awaited step for the establishment of a national retail payment system.

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    BancNet and Megalink are both owned by different consortia of banks. When joined they will allow bank clients to use ATM machines that are not from their own bank. These services will it possible for virtually any bank client to withdraw money from any ATM in the country.

    “This is a milestone that we’ve been looking forward to on the way to a greater goal of establishing a national retail payment system that will achieve interoperability, efficiency, security, and inclusiveness the way we settle our transactions,” Tetangco said.

    Officials expect the merger to be completed by October this year.

    Full Content: Manila Standard Today

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