Digital bank GoTyme Bank has partnered with the Bangko Sentral ng Pilipinas (BSP) to become the first bank to support coin deposits through the BSP’s Coin Deposit Machines (CoDMs).
The machines allow GoTyme Bank users to deposit coins directly into their accounts, making it easier for people to save without the hassle of visiting banks.
The CoDM project, which BSP launched on June 20, 2023, aims to address the artificial coin shortage in various regions while promoting coin recirculation. Initially, the machines enabled users to exchange coins for e-wallet credits or shopping vouchers. With GoTyme Bank now integrated, customers have the added option of turning coins into interest-earning deposits.
To use the service, customers can visit a CoDM at select Robinsons Supermarkets nationwide. Instructions on how to deposit coins into a GoTyme account are displayed on the machine. By following the steps, users can generate a secure barcode through the GoTyme Bank app, which is scanned at the machine to complete the transaction. If the barcode does not scan, the code can be entered manually.
Deposits made through these machines will earn a 4% annual interest, which is considerably higher than what most payroll accounts offer. This feature benefits users who typically collect idle coins at home by turning them into productive savings. Additionally, the system ensures privacy and security by using unique barcodes instead of phone numbers.
GoTyme Bank’s participation in the BSP’s initiative encourages more Filipinos to engage in the habit of saving while also addressing the country’s ongoing need for better coin circulation.