DBP, City Gov’t forge pact for e-transactions PDF Print E-mail
Monday, 01 June 2015 08:50

By SHEILA COVARRUBIAS

Payments and other transactions with the City Government can soon be made through electronic cards –valid credit, debit and or prepaid cards.

This, pursuant to a Merchant Agreement Point-of-Sale Payment System (for Visa Credit and Debit Transactions) to be formalized Monday afternoon, June 1 at the  City Hall conference between the City Government and the Development Bank of the Philippines (DBP).

Mayor Beng Climaco will lead the signing ceremony together with DBP top officials headed by Ricardo Josef Bandal II, Vice President and Head of BBS-Payments Department.

Through the Merchant Agreement, the City Government can engage in business and honor all valid credit, debit and or prepaid cards as payment for its sale of goods and or services. The DBP, being the city’s depository bank, on the other hand, is bound to honor these cards for the purchase of goods and or services from the city’s clients or establishments.

The forging of the agreement would bring about numerous advantages for both the City Government and its clients as well as the DBP. Among the advantages are quicker transactions, faster billing, lower transaction costs, increased accountability and minimized fraud among others. — Sheila Covarrubias