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China Bank, AF Payments ink deal for Beep reloading

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CHINA BANKING Corp. (China Bank) said its automated teller machines (ATM) can now be used by its cardholders to top up their “Beep” cards.

In a statement on Monday, the Sy-led China Bank said it has partnered with AF Payments, Inc., allowing cardholders to reload their Beep card via select ATMs.

The service will initially be offered in 100 machines near train stations as well as point-to-point bus terminals.

China Bank cardholders can top up a minimum of P100 up to P10,000, in multiples of P100. The load amount will be debited from their account.

Each reload carries a transaction fee of P10, which will be waived on the fifth transaction within the month.

Beep cards are used to pay for fare at elevated trains, select public transportation and toll roads, as well as for purchases in select retail outlets. Currently, there are over five million Beep cards in the market.




China Bank Vice-President for Alternative Channels Marie Carolina Chua said the bank has been “conscious of harnessing available technology,” especially in the self-service space, to serve its clients.

“Co-creating with like-minded technology partners to deliver efficient and reliable value added service such as this, not only differentiates us in the market; it is consistent with our value of being the right partner for our customers,” Ms. Chua was quoted as saying in the statement.

Meanwhile, AF Payments President and CEO Peter Maher said the tie-up allows the firm to use China Bank’s ATM facility to expand its multi-channel reloading platform.

“Having a reloading facility that is instant, widely available and easy to use supports our expansion efforts,” Mr. Maher said.

China Bank booked a net income of P3.6 billion in the first half of the year, unchanged from the same period a year ago, even as recurring income grew amid lower fee-based revenues.

Shares in China Bank closed at P28.55 apiece on Monday, down 55 centavos or 1.89%. — KANV

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