PSBank has just unveiled PaSend, a service that allows users to send cash via the PSBank mobile app.
With the PaSend service, users can send amounts in multiples of 100, with the minimum set at PHP 200 and a maximum at PHP 5,000 per transaction. Partial withdrawals are not allowed, and the recipient must complete the transaction within a specific time period. The PaSend service also has a minimal processing fee and non-refundable. Recipients do not need to have a PSBank account.
To avail of the PaSend service, PSBank users can access the option via the mobile app. The sender will then be prompted to provide the following details:
- PSBank source account
- Amount to be sent/remitted
- A one-time nominated 4-digit number PIN (PIN1)
- Receiver’s full name
- Receiver’s mobile number
After a process of validation, PSBank will approve the transaction request and send a one-time PIN (PIN2) to the receiver with the specific remittance amount sent by the sender. To complete the transaction, the sender will have to convey the one-time 4-digit PIN (PIN1) to the receiver. The receiver will then have to go to PSBank or Metrobank ATM to get the cash via the PaSend/Cardless Withdrawal option. Once the transaction is complete, the sender will be notified through email and SMS.
