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SSS members will be able to claim loans, benefits, and refunds via UMID Pay Card soon!

The Social Security System partners with UnionBank of the Philippines for the release of UMID Pay Cards starting Q4 2022.
SSS members will be able to claim loans, benefits, and refunds via UMID Pay Card soon!
Signing ceremony with the SSS President and UBP President and other top executives (Photo from SSS website)

A government-issued ID with an ATM savings account

A Unified Multi-Purpose ID (UMID) is one of the most powerful IDs in the Philippines. Filipinos use it when performing transactions with government agencies and banks. 

Now, SSS beneficiaries can use this ID to withdraw their cash loans, refunds, and others. The government institution recently signed a memorandum of agreement with  UnionBank of the Philippines last month. 

This enables allow SSS members to acquire Unified Multi-Purpose Identification (UMID) Pay Cards with an EMV chip through the UBP. 

EMV is an acronym for Europay, Mastercard, and Visa and is a standard of security for credit cards, and recently debit cards. This technology is developed in replacement for magnetic stripe technology that can be easily hacked.

According to a source, every time an EMV chip card is used at a POS, the chip generates a one-time code that is pretty effective against counterfeit. 

Aside from being a valid ID, the UMID Pay Card will be connected to a regular savings account. The bank won't require the members to maintain a balance so there won't be a penalty even when they withdraw almost all of the money inside it.

Furthermore, SSS members will be able to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through UBP's branches, self-service machines, and BancNet ATMs all over the country.

Last but not least, those who will use their UMID Pay Card may access to the online and mobile banking platforms of the UBP. They may perform additional transactions such as depositing checks, buying load, and many more.

The issuance of UMID Pay Cards through the UBP is projected to be made available in the fourth quarter of 2022. Let's wait for further announcements and details regarding its roll-out.

Source: SSS

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