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Behind the Bank

Issues · Issue #4 · · ~3-minute read

10 million customers, 600 kiosks, zero branches

How GoTyme won the Philippines through supermarkets, Monzo's primacy number, and why free payments are a growth engine.

1. The Big One: GoTyme, the bank in the supermarket

The story. GoTyme launched in the Philippines in 2022. It is a JG Summit and Tyme Group venture that put sign-up kiosks inside Robinsons and SM stores, staffed by people who open your account on the spot (JG Summit, 7 Aug 2026).

The numbers (as of Aug 2026) (same source):

  • 10M+ users, just over three years after launch.
  • PHP53B+ of customer deposits.
  • 600+ kiosks and 1,200+ "Bank Ambassadors". A Visa debit card is issued in five minutes or less.
  • Cash in and out at 2,500+ Robinsons lanes; cash deposits at 4,500+ 7-Eleven stores.

Our read (opinion). This is a challenger that cheerfully refused to be digital-only. In a cash-heavy market, the hard part of onboarding is trust and cash access, not the app. GoTyme rented both from retailers it already knew. The open question is credit: its MoreTyme lending product has reached early-access users so far, and that is where the money is.

2. The Scout

Three bets banks and challengers are making right now, and what they tell you.

  • Monzo counts primacy (Europe). In FY2026 (year to March 2026) 49% of its 10.4M monthly active users used Monzo as their primary bank, out of 15.2M customers (Monzo). What it tells you: challengers now measure engagement, not just downloads.
  • Bank of America keeps adding accounts (US). It added 200K+ net new consumer checking accounts in Q3 2026, its 31st straight quarter of net growth. 92% of its 38.9M consumer checking accounts are primary (BofA). What it tells you: incumbents still win on primacy, quarter after quarter.
  • UPI hits 802M a day (APAC). India's UPI processed 24.07B transactions in Sep 2026, averaging 802.3M a day, according to NPCI data reported by MediaNama (MediaNama). What it tells you: public payment rails set the baseline every bank app is judged against.

3. The Playbook: Free everyday payments

What it is. Make the things people do daily (transfers, bill payments) free, and earn on what follows: balances, cards and credit. Brazil's central bank bars banks from charging individuals to send Pix payments or receive Pix transfers (Banco Central do Brasil, Resolution 19). Pix set a daily record of 318M transactions on 4 Sep 2026 (Valor).

How it runs. Price the hook at zero. Make sure the free action happens inside your app. Then put savings or credit offers right after the payment.

Your move. Map your top five transaction types by frequency. Any that carry a fee are friction against becoming the primary account.

APAC angle. GoTyme offers 20 free InstaPay transfers a month, plus free PESONet transfers (JG Summit).

Not investment advice.

Sources