Maltapost plc today launched the PostaPay&Save with a passbook that allows customers to safely receive funds, make payments while also budgeting efficiently.
Although it in no way replaces the concept of a bank's savings account, holders can also potentially receive interest on their savings as a result of the scheme on 'dormant' savings. All one has to do is visit a Maltapost branch and apply for the passbook and in turn would be given a passbook there and then. Passbook holders would then be able to record any transactions or deposits in the passbook, just like older times, instead of waiting for a bank account statement issued twice a year to customers.
Maltapost CEO Joseph Gafa (left) and Maltapost chairman Joe Said
Joe Said, Maltapost Chairman, explained that there still exists a section of society which prefers to visit a branch of this sort to conduct a transaction or deposit rather than visiting a bank.
"Some people are under the impression that to visit a bank and deposit money or make some sort of transaction, one has to have loads of cash; this scheme helps such individuals to feel more comfortable and conduct transactions and deposits in a more 'personalised' manner," he said.
Those who remember the passbooks would recall that putting their money in and recording their transactions on the passbook was a guarantee that there could be no surprises so long as they held their books.
Mr Said highlighted that Maltapost wasn't there simply to sell stamps or deliver packages only but also to offer customers other services such as paying water and electricity bills, among others.
PostaPay&Save allows customers to transfer and to receive funds from other PostaPay&Save payment accounts, all with immediate effect and free of any charges.
"Through the use of the passbook, one can record in real time, his or her transactions/deposits, giving holders the facility to monitor their flow of funds," Mr Said pointed out.
Maltapost CEO Joseph Gafa said that the convenient passbook, which can be used by anyone over the age of 18, is particularly helpful for household budgeting, company expenses and club/association finances.
The product was launched in conjunction with Lombard Bank, Maltapost's parent company.