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BancNet introduced the BancNet Rewards Points program on August 15, 2009, the first points-based rewards system exclusively for debit purchases in the country. Every Php 25 in spend using an ATM debit or prepaid card of a member bank earned the cardholder 1 point. 2,000 points were needed to redeem the cash rebate of Php 100.
BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet.
In order to use these cards, an EPS merchant must enter the number 7 on the main screen then swipe the card to use these ATM cards. As of 2005, HSBC and its subsidiary, HSBC Savings Bank, although both members of Expressnet, do not participate in the EPS system, meaning that HSBC and HSBC Savings Bank ATM cards cannot be used on an EPS terminal.
The payment card industry (PCI) denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses. Major brands used by the above interbank networks list by asset value. Major brands used by the above interbank networks list by asset value.
Card schemes are payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. By becoming a member of gets the possibility to issue cards or acquire merchants operating on the network of that card scheme.
Merchant cash advance companies provide funds to businesses in exchange for a percentage of the businesses' daily credit card income, directly from the processor that clears and settles the credit card payment. A company's remittances are drawn from customers' debit and credit-card purchases on a daily basis until the obligation has been met.
Visa Plus is a worldwide interbank network that provides cash to Visa cardholders. [1] As a subsidiary of Visa Inc., it connects all Visa credit, debit and prepaid cards, as well as ATM cards issued by various banks worldwide bearing the Visa / Electron logo.
Cirrus is a worldwide interbank network that provides cash to Mastercard cardholders. As a subsidiary of Mastercard, it connects all Mastercard's credit, debit, and prepaid cards, as well as ATM cards issued by various banks worldwide bearing the Mastercard/Maestro logo.