CIMB targets 500,000 virtual card users

CIMB BANK Philippines, Inc. (CIMB Bank PH) is aiming to have half-a-million sign-ups for its virtual debit card products by yearend.

If realized, this would be double the current 250,000 virtual card users of the online commercial bank.

The growth will be driven by the continued increase in online transactions amid the reopening of the economy following the coronavirus pandemic, CIMB Bank PH Chief Marketing Officer D’Artagnan Aguilar said at a press meeting on Thursday.

“One good thing that the pandemic brought to us was the fact that people got comfortable with anything online, including online transactions because we were forced to do it during the lockdown,” he said.

Mr. Aguilar said he does not expect online transactions to drop even amid the lifting of pandemic-driven mobility restrictions.

He added that the bank’s virtual cards are more secure than using a physical card, addressing safety concerns of customers about online transactions.

“We want to take advantage of this trend of online transactions happening right now. The fear of security will always be there given that people transact now more and more online,” Mr. Aguilar said.

The bank launched the CIMB Virtual Debit Card last month as it seeks to help boost digital payments.

“We are aligned with the BSP (Bangko Sentral ng Pilipinas) in strengthening our customer preference for digital payments by offering faster, more secured, and more affordable payment options,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said in a statement.

This is the bank’s second virtual card after the one for REVI Credit customers.

The CIMB Virtual Debit Card lets Fast Plus, GSave, or UpSave account holders transact online using their savings accounts, the lender said. It can be activated through the bank’s mobile app and has the option to set transaction limits.

The virtual debit card can be used for online transactions only but has no minimum maintaining balance, Mr. Aguilar said. — AMCS