SSS & RCBC partner to promote financial inclusion through the UMID Pay Card

The Social Security System (SSS) and the Rizal Commercial Banking Corporation (RCBC) have recently signed a pact to make every SSS member part of the financial system through the Unified Multi-Purpose Identification (UMID) Pay Card at the SSS Main Office in Quezon City.

SSS President and CEO Michael G. Regino has said that RCBC will begin issuing UMID Pay Cards to SSS Members by Q1 of 2023.

“SSS and RCBC are already in the process of systems integration, and we are looking forward to rolling it out early next year,” — Michael G. Regino, SSS President, and CEO

The problem the UMID Pay Card attempts to solve is that most Filipinos do not have a bank account due to the lack of identification requirements like a valid ID or enough money to open a bank account.

The UMID Pay Card will serve both as a valid government-issued ID and an ATM card linked to one’s chosen bank account.

The UMID Pay Card bank account will also require no starting and maintaining balance and shall be the default disbursement account where proceeds of one’s SSS benefits and loans be credited.

Through the UMID Pay Card, SSS members can check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through RCBC branches, ATMS, and online banking facilities.

“We are looking forward to a meaningful partnership with RCBC as SSS moves toward the financial inclusion of our members, especially those from the agricultural and fishing sector of our society as well as all workers in the informal economy. We are hoping that with this union which are only IDs will already have their UMID Pay Cards,” — Michael G. Regino, SSS President, and CEO

Moreover, both the SSS and RCBC have signed the Confidentiality and Non-Disclosure Agreement and Data Sharing Agreements to protect the biometric data and personal information of SSS members using the UMID Pay Cards.

 

 

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Source: Yugatech