INQUIRER FILE PHOTO
MANILA -Digital-only CIMB Bank Philippines is growing its debit card portfolio as it pushes for further financial inclusion through a partnership with global payments technology provider Visa.
In a statement on Monday, CIMB said the partnership would support its debit products growth through virtual and physical cards while Visa would be able to tap a new set of customer base.
The digital bank currently has nearly 500,000 virtual and physical card customers.
Visa, in addition, will extend discounts and other privileges to CIMB customers.
“At CIMB Bank PH, we have always been committed to pioneering digital banking solutions and driving financial inclusion,” CIMB Bank Philippines CEO Vijay Manoharan said. “Working together with Visa enables us to take this commitment to the next level by offering our customers enhanced payment solutions that are secure and convenient, to help allay the Filipinos’ hesitancy over digital banking..,” he added.
The partnership is also in line with the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Road Map, which aims to make 50 percent of total retail transaction volumes digital, Manoharan explained.
“This milestone marks an important step toward our shared vision of providing accessible and innovative financial solutions to consumers, thereby boosting financial inclusion for Filipinos everywhere,” added Jeff Navarro, Visa country manager for the Philippines and Guam.
According to Visa’s Consumer Payment Attitudes Study, Filipinos are getting digital-savvy when it comes to payments as 50 percent of the respondents said they carried less cash in their pockets last year.
For every 10 purchases, the Visa study revealed that cash payments were down to 6.4 last year from 7.8 in 2021. Seven out of 10 surveyed Filipinos also expressed confidence they could pay for their transactions without cash for a few days.
Filipinos use mobile wallets because they are deemed as “faster” and “more convenient” when settling payments, the study explained. In addition, the consumers look forward to rewards, cashbacks and discounts provided by digital apps.