“A big part of the unbanked and underserved market are the college students who do not have their own bank accounts or who are not yet qualified to get their own payment cards. We want to change that and teach them money management and good financial habits, starting with the RCBC MyWallet–Mapúa ID card.” ~Margarita Lopez, Digital Banking Group head
From meeting new friends to learning new things, students have a lot to look forward to as soon as they enter the university. However, much is also expected of this new generation.
As young adults who will soon help grow the country’s economy, it is important that these individuals are educated, empowered, and financially literate. And taking the lead to begin their financial journey, RCBC ties up with Mapúa University to introduce a dual purpose MyWallet–Mapúa ID to all its freshmen students for the upcoming academic year.
The Yuchengco-led bank innovates the typical school ID to double as a prepaid card that students can use to pay for everyday necessities and for transactions inside or outside of Mapúa. This new system will pave the way for both the RCBC and the university to build a digital ecosystem that includes the students.
The RCBC MyWallet-Mapúa ID card both serves as the students’ admission to the school’s premises as it contains their identification details and as a prepaid card which can be used to pay for their tuition and other school-related purchases. The card also provides parents a more secure way to transfer their child’s allowances, and a means for students to store and build their savings.
Other students can also enjoy the benefits of a MyWallet Visa Prepaid Card. They simply need to go to any RCBC branch nationwide and fill-out the enrollment form, present a valid ID and pay a P150 fee to start enjoying the convenience of cashless transactions in their school, online shopping and 24/7 online access via RCBC Online Banking.