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 percent 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.
CIMB Bank PH earlier vowed to empower Filipino millennials with better financial products and financial literacy program to help them hurdle financial limitations, which was cited in the bank’s research as the biggest roadblock in pursuing their life purpose.
In collaboration with Southeast Asia consumer research agency Milieu Insight and the Ateneo Business Resource Center of the Ateneo de Manila University John Gokongwei School of Management, the said study found that that 1 in 2 Filipino millennials surveyed are not pursuing, or believe that they are not making progress on, their life purpose.
The study also revealed that 65 percent of surveyed Filipino millennials cited financial limitations were the biggest barrier in pursuing their life’s purpose.
CIMB Bank PH Chief Marketing Officer Bunny Aguilar said that the company will soon launch an active financial literacy campaign and offer meaningful financial products as an advocacy for the Filipino millennials. “To learn that half of the Filipino millennials are not actively pursuing what they think they’re meant to do, their life purpose because of financial limitations, we took it upon ourselves to let them know that CIMB is here to encourage them to live their life purpose. We will provide better accessible financial solutions and financial literacy awareness to help them and our customers achieve their life goals,” Aguilar said.
