Sunday, May 12, 2024

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. EastWest Pay: Progressing towards a cashless society.


The financial industry is constantly changing due to advancements in technology that make financing easier. In today’s world, where online activities such as shopping, bill payments, and cashless transactions are preferred, banks are transforming the way they handle financing by incorporating digital solutions into their core operations.

EastWest, a well-known bank, has effectively implemented digital advancements in banking to enhance convenience for all customers. The bank’s digital transformation aims to improve its operations and make them more efficient in providing financial services. Their new and upcoming digital banking platform boasts of increased security, user-friendly design, and improved features and capabilities that cater to their customers’ needs and preferences.

The Bank has collaborated with Visa in order to offer customers a new and advanced payment option. This has led to the creation of EastWest Pay, the first mobile payment app in the country that utilizes near-field communication technology. This app allows EastWest Visa credit cardholders, including those with Visa Infinite, Visa Platinum, Visa Gold, and Visa Classic, to make cashless and cardless transactions using their Android smartphones instead of their physical credit cards.

To use the EastWest Pay app, users must download it and register or connect their EastWest Visa credit cards. They can then make payments by tapping their phone at a merchant’s Point of Sale (PoS) terminal, both locally and internationally, where the Visa payWave/NFC symbol is displayed. Unlike other mobile wallets, there is no requirement to add funds as users can spend within the available credit limit of their EastWest Visa credit cards.

One of the best features of this mobile application is its ability to provide security for its users. This is achieved by implementing mobile verification and assigning a 6-digit passcode during the registration process. Additionally, users can securely log in using biometric methods such as fingerprint or facial recognition. Transactions made through EastWest Pay are also safeguarded through tokenization, which replaces the credit card number with a unique token number for increased protection.

Jacqueline S. Fernandez, President of EastWest, believes that their banking service, EastWest Pay, offers a new level of convenience and effectiveness. They understand that life can be busy and constantly changing, so they strive to elevate your banking experience to new heights. EastWest Pay provides a simpler and more efficient way to manage your finances, making your life easier.

EastWest Pay not only serves as a convenient mobile payment method, but also offers the added feature of managing EastWest Visa credit cards. This includes the ability to view account information and transaction records, monitor spending patterns, and temporarily disable or enable the card.

EastWest has introduced EastWest Pay, a technologically advanced solution that encourages a society without cash. This is among many new developments from EastWest as they strive to enhance their offerings and make banking effortless for their clients. Jerry Ngo, CEO of EastWest, states that the bank has “unleashed new opportunities, transformed the banking industry, and embarked on a path of ongoing innovation.” He adds, “we are only at the start of this journey and you can anticipate more from us in the upcoming months.”

The EastWest Pay application can be downloaded from the Google Play store for Android devices with NFC capability and is only compatible with EastWest Visa credit cards.

EastWest is a universal bank that is owned by Filipinos and is a subsidiary of Filinvest Development Corp. This corporation is one of the top conglomerates in the Philippines, with investments in various industries such as real estate, banking, hospitality and tourism, infrastructure power generation, and sugar. It is important to note that EastWest is not connected to any international financial institution that shares the same name.

To ask questions or give feedback, you can chat with the EastWest System Tech Assistant chatbot.

Please visit the website www.ewlend.com/esta.

To receive assistance, please contact the EastWest 24-Hour Customer Service Hotline at (+632)8888-1700 or send an email to [email protected]. EastWest is under the supervision of the Bangko Sentral ng Pilipinas. Visit https://www.bsp.gov.ph for more information.

 


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