SSS, UnionBank sign Memorandum of Agreement for UMID Pay Card Program, set for full launch Q4 2022
Social Security System (SSS) and Union Bank of the Philippines (UnionBank) recently formalized their partnership, which aims to develop and launch the Unified Multi-Purpose Identification (UMID) Pay Card, as part of their goal of making financial services more accessible to Filipinos.
SSS President and CEO Michael Regino, UnionBank President and CEO Edwin Bautista, and several key executives and team members from both organizations joined the Memorandum of Agreement (MOA) signing ceremony for the UMID Pay Card Program, held last June 27, 2022 at the SSS Head Office in Quezon City.
Harnessing UnionBank’s superior digital banking capabilities and innovation, the upgraded version of the UMID Card will provide SSS members with a number of new features and benefits. Members will be able to upgrade to the new version of the card when it fully launches in the fourth quarter of 2022.
One of the main benefits offered by the new card is the convenience of having an SSS and government ID and a UnionBank debit card in one, where SSS members can receive their loan and benefit claim proceeds, and even refunds, directly and securely through their UnionBank Account, providing a level of ease and convenience like never before. It can also be used for basic banking services.
Best of all, the newly upgraded card gives SSS members easy access to the UnionBank Online app, UnionBank’s banking and fintech superapp designed to revolutionize banking like no other banking app can.
UnionBank Online is an all-in-one platform that allows users to bank anytime and anywhere, complete with essential features such as balance inquiry, bills payment, fund transfer, and mobile check deposits, as well as advanced features like split billing and a savings goal setter and more.
“This is a milestone for SSS, and hopefully with this one, we’ll be able to ensure that the ordinary SSS member could now become a bankable person through the getting of his UMID card,” Regino said. “On behalf of SSS, we welcome the efforts of both teams to come out with this reality.”
“With this, we expect significant improvements in our transactions and accurate and timely payment of benefit claims and loan proceeds to rightful members, pensioners, and beneficiaries. More importantly, it will significantly reduce the risk of fraud making online transactions and disbursement of loans and benefits more secure, aligned with our thrust to enhance our digital platforms and services,” said SSS SVP, Member Services and Support Group, Normita Doctor, who was one of the witnesses during the signing ceremony.
“We are truly humbled and honored with this opportunity to be the first bank to be selected to work on this program with the SSS. This is a fulfilling journey for us as we do our part to ensure the Filipino employees enjoy their benefits in a meaningful way,” Bautista said.
“As you all know, ‘teching-up’ Pilipinas is one of our advocacies and by ensuring that we help the members of SSS, employees, self-employed and voluntary members of society, we help ensure that every Filipino should have a bank account and should enjoy the benefits of digital, as they say, so that when the country moves up and prospers in a significant way, no one gets left behind.”
The UMID Pay Card Program shares the same goal with this game-changing project, an SSS and UBP joint initiative, which aims to make basic financial services more accessible to Filipinos, especially the unbanked and the underbanked.