CIMB Bank to accelerate digital payment adoption in PH with virtual debit card
Leading digital bank services provider CIMB Bank Philippines recently launched the CIMB Virtual Debit Card for all deposit customers to accelerate the digital payment adoption of Filipinos as part of the company’s overall financial inclusion goals for the country.
CIMB Bank PH Chief Executive Officer (CEO) Vijay Manoharan revealed that the new CIMB Virtual Debit Card will provide greater value to its customers as many Filipinos are shifting to digital banking services.
“The CIMB Virtual Debit Card will reinforce our embedded digital banking business model in providing accessible financial solutions to Filipinos, helping them achieve their life purpose,” Manoharan said.
The CIMB Virtual Debit Card enables Fast Plus, GSave, or UpSave account holders to transact online using their savings accounts, safely and securely. It can be activated very easily through the CIMB Bank PH app and comes with the option to set transaction limits – enabling users to shop online, book flights, or purchase tickets online worry-free.
Manoharan said that the CIMB Virtual Debit Card is one of the company’s contributions to the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas (BSP). “We are aligned with the BSP in strengthening our customer preference for digital payments by offering faster, more secured, and more affordable payment options,” Manoharan said.
The BSP aims to transform half of the volume of payments in the country into digital form and to bring 70% of Filipinos into the formal financial system in 2023 under its Digital Payments Transformation Roadmap 2020-2023.
The CIMB Virtual Debit Card is powered by Visa, a trusted network and world leader in digital payments providing access to merchants globally and with the added security for e-commerce transactions. The bank targets to achieve half a million sign-ups by end of the year for all virtual debit card users. CIMB had already launched a virtual card for REVI Credit customers, which together with the CIMB Virtual Debit Card has already garnered more than 250,000 virtual card users.
Early in the year, CIMB Bank PH was recognized by global media platform Forbes as the Best Bank in the country as part of its 2023 World’s Best Banks Ranking.
“We owe our success and recent recognition to our 7 million-strong customers and their unwavering support,” Manoharan said.