If you are among the so-called “unbanked” sectors of society who wish to perform banking transactions but do not have enough funds yet to make the minimum initial deposit or have the financial stability to maintain the required average daily balance, then this post is for you.
Philippine-based Asia United Bank (AUB) has announced in a media advisory that as part of its initiative to drive digitalization in banking and support the government’s digital transformation roadmap, it has since introduced HelloMoney, an e-wallet app that users can easily access by registering for an account on the AUB portal.
IMAGE CREDIT: https://www.aub.com.ph
What makes it different? The account needs no initial deposit. It also doesn’t require any maintaining balance nor does it have dormancy fees.
Moreover, if you are a member of the state-owned Pag-IBIG fund and wish to make banking transactions, you can now do so as well. Using their loyalty card plus via HelloMoney, Pag-IBIG fund members can now easily manage their accounts and perform payments and similar other transactions online.
Say hello to a worry-free life
To make it all the more convenient, AUB has also made it easier for users to easily send and receive funds to other e-wallets, banks, and participating merchant stores by simply scanning a single QR Ph Code. The code may easily be scanned and interpreted by any participating bank or EMI mobile app and utilized for fund transfers and payments.
Finally, the full-branch commercial bank also teamed up recently with Alipay+, a suite of digital payment and marketing solutions connecting global brands with mobile-savvy consumers, to further expand the coverage of its e-wallet app overseas.
Starting this month, HelloMoney users can now pay via QR code in Alipay+ merchant stores across South Korea, Malaysia, the Philippines, and Hong Kong.
In South Korea, HelloMoney users can scan the ZeroPay QR, the country’s public QR-code-based digital payment service available in over 1.7 million merchants.
In Malaysia, HelloMoney users can scan DuitNow QR, the country’s National QR Standard operated by PayNet, available in over 1.8 million merchants.
Launched in 2019, HelloMoney enables users to open an account without going to a physical branch and perform bank-to-bank fund transfers, buy prepaid loads, remit money through PeraPadala, pay via QR code, settle bills, withdraw via ATM, and shop online using HelloMoney’s very own virtual Mastercard.
As of the end of October 2023, the number of HelloMoney transactions has since reached 30 million, a 65% increase compared with 19 million in the same period a year ago. The value of transactions has also reached US$2.05 billion (P115 Billion), 82% higher than the US$1.12 billion (P63 Billion) it reported a year ago.
AUB is among the very few banks granted a full-branch commercial bank license in 1997 and is still fully operational today. In 2013, AUB joined the league of Philippine banks that have become publicly listed and acquired universal banking status.