SSS has partnered with UnionBank
SSS — The Social Security System has partnered with UnionBank of the Philippines (UBP) for the release of UMID (Unified Multi-Purpose ID) Pay Cards starting Q4 of 2022.
The UMID is one of the most powerful identification cards in the Philippines as Filipinos used it when performing transactions with banks and government agencies.
Recently, the state-run pension fund signed a memorandum of agreement (MOA) with UnionBank last month. This allows members to acquire UMID Pay Cards with an EMV (Europay, Mastercard, and Visa) chip through the UnionBank so that members can use it to withdraw their refunds, cash loans, and others.
Present at the MOA signing ceremony are SSS President and CEO Michael G. Regino, UBP President and CEO Edwin R. Bautista, and other officials. The MOA signing ceremony was held at the SSS Building in Diliman, Quezon City last June 27, 2022.
EMV, based on a report on Gizguide, is a “standard of security” for credit and debit cards and this technology was developed in replacement for magnetic stripe technology that can be easily hacked.
Gizguide cited a source as saying that an EMV chip card generates a one-time code every time the chip is used at a POS (point-of-sale).
The UMID Pay Card will be connected to a regular savings account aside from being a valid identification card as the bank won’t require members to maintain a balance.
Also, members will be able to check their balance, transfer funds, withdraw cash, pay bills, or deposit cash through UnionBank’s branches, self-service machines, and BancNet ATMs all over the Philippines.
Those who will use the UMID Pay Card may access to UnionBank’s online and mobile banking platforms and may perform additional transactions such as buying load, depositing checks, and many more.
According to SSS, the issuance of UMID Pay Cards through UnionBank is projected to be made available in Q4 of 2022.