Megalink offers mobile phone transactions in its network
Posted on November 6th, 2009
Megalink, one the country’s biggest network of automated teller machine (ATM) has added a new service to mobile phone users which enables cell phone subscribers to pay their bills or load up their phones with load credits through the network. Megalink has already arranged an agreement with the two largest mobile phone service providers in the Philippines – Smart Communications Inc. and Globe Telecoms.
According to Megalink president and chief executive officer Benjamin P. Castillo, Smart has expanded its capabilities since it has been working with the ATM provider for the last two years, Globe on the other is a recent partnership acquired by the organization.
Aside from bills payment and mobile phone loads, the service also includes balance inquiries, fund transfer and credit top-up. Other mobile banking services which the two mobile phone service providers can offer to the bank, said Castillo.
“MegaLink can offer its services to smaller banks that may not afford or may not have the know-how,” he said. Outsourcing of non-core banking services reduces a bank’s operating costs and allows the institution to focus on its core business.
The ATM network reported that it has been averaging approximately 11 million transaction per month in its 2,800 terminals all over the country, with its 20 bank and non-bank member institutions.
It boasts of a card base of over nine million who can access any of the 8,000 ATMs in the Philippines. Of the 20 members of Megalink, two are non-banking institutions, one is a rural bank, eight thrift and development banks, and the rest are commercial and universal banks.
