MANILA, Philippines — A friend, successful both as journalist and entrepreneur, is much aware of her Imeldific shopping urges, so she had avoided owning a credit card for fear of sinking into debt.

“I will not purchase anything I do not have the cash for,” she vowed, admitting that her stance has caused her to miss many opportunities offered to credit card holders, such as online bargain plane tickets, huge shopping and dining discounts and the convenience of making reservations and purchases by phone or Internet. Despite the inconvenience, she stuck to her policy and remained card-less well into her 60s.

This week, she became the proud owner of a MoneySwap card, which provides an innovative solution to financial management while instilling discipline among its users. It is also much easier to acquire, yet offers all the convenience of a regular credit card.

The secret of the new MoneySwap formula is pre-loading, just like with pre-paid cell phones. Another plus is the ease and speed by which anyone can acquire the card.

My friend went to a Rizal Commercial Banking Corporation (RCBC) branch, presented valid IDs, filled up the form, paid R150 to enlist, and got her MoneySwap card in minutes. She then deposited cash (as much as she had calculated she would use in a week) to pre-load her card, and she was all ready to use the MoneySwap card to purchase goods and services on the spot or online.

A potential MoneySwap card owner is a former employee who lives in Borongan, Samar and who depends on remittances from her daughter who works as a maid in Singapore. Soon, her daughter can make deposits at RCBC’s Singapore office and the amount will instantly be electronically transmitted and loaded to the MoneySwap card.

The card may be used for purchases and for cash withdrawals from any RCBC, Megalink, ExpressNet and Bancnet ATM. MoneySwap cardholders can withdraw up to R50,000.00 daily. Cash withdrawals may also be made at Visa ATMs worldwide. No transaction fees are charged if withdrawals are done at RCBC branches or RCBC Savings Bank ATMs.

At the card’s introduction with its Philippine partner, RCBC, MoneySwap Philippines managing director Seng SH Rhee disclosed that the Philippine market is huge, with about $1 billion spent by Filipino cardholders through the Visa payment network during the fourth quarter of 2010. Also significant is the report that about 54 percent of these transactions were made online, with 15 percent of this segment being overseas purchases.

Although there is no limit to the balance maintained, deposits, or loads, are restricted to a maximum of R100,000 per month. Those travelling overseas and intend to rely mainly on the MoneySwap card could probably accumulate their maximum monthly deposits to ensure that their card’s balance is at least US$7,000.

When used overseas by travellers, the MoneySwap Prepaid Card also doubles as a foreign exchange card that can be used to withdraw cash aboard, do transactions and purchases, and create payments in the same currency as the destination. Local currencies where the card is used will be dispensed based on the Visa conversion rate.

MoneySwap is accepted in all Bancnet affiliate merchants in the Philippines and over 30 million Visa merchants worldwide.

Although it looks and feels like a credit card, MoneySwap is classified as an electronic wallet (e-wallet), providing the same kind of authority and identity that a credit card has, including the ability for fund transfers and online payment of bills.

Balance inquiry is likewise a cinch, through the RCBC, RSB, BancNet, Megalink, ExpressNet and Visa ATMS.

Mr. Rhee told newsmen that the company is aiming at 30,000 prepaid cardholders in the next three months. Considering that there are at least 8 million OFWs with families in the Philippines, MoneySwap and RCBC could easily achieve that target in less than half the time.