MANILA, Philippines -- Bancnet, which provides ATM switching services for 34 banks, is rolling out an Internet-based ATM transaction system in the Philippines, according to the Metropolitan Computer Times.
Bancnet, which has a cardholder base of 4 million, also serves as an Internet service provider (ISP) for its member banks.
Angelito Villanueva, Bancnet's president and Metrobank's senior executive vice-president, said the project would be Bancnet's maiden entry into e-commerce, which he said is the next level where the consortium would inevitably go.
In partnership with the Philippine-based portal Yehey, Bancnet's e-commerce project is designed to allow Bancnet cardholders to conduct transactions such as bill payment and purchasing, via the Internet using their ATM cards, and in the future, credit cards. Bancnet's Internet-enabled ATM system will be incorporated with Yehey's eWallet purchasing system.
Yehey CEO Dave De Leon said the Internet-enabled ATM system will initially handle only bill payment. The feature allowing Bancnet card holders to use their ATM accounts to make purchases online will be enabled as soon as area merchants are successfully incorporated into the system.
De Leon said the launch of the online ATM gateway and eWallet system will take place over the next few months. "We have yet to address to some technical concerns as well as finalize our talks with the merchants, but we will come out of it soon," he said.
Yehey faced a slew of resignations by its co-founders early this year. Originally built as a Filipino Web directory, the company is planning to move into other e-commerce businesses.
According to De Leon, Yehey will venture into other potential revenue-generating projects, including an online financial depository.
