CIMB Bank launches virtual debit card

MANILA, Philippines — Digital bank services provider CIMB Bank Philippines is further ramping up digital adoption in the country via its virtual debit card linked to savings accounts of depositors.

Bunny Aguilar, chief marketing officer at CIMB Bank Philippines, told reporters the CIMB Virtual Debit Card would be made available to its seven million depositors.

The digital-only bank further accelerated the digital payment adoption of Filipinos as part of its overall financial inclusion goals for the country.

According to Aguilar, the bank initially targets to sign up 500,000 virtual debit card users for this year.

CIMB has 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 CEO Vijay Manoharan revealed that the new CIMB Virtual Debit Card provides greater value to its customers as many Filipinos shift 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.

For his part, Aguilar explained that 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.

The 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.

Manoharan said that the debit card is one of the company’s contributions to the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas (BSP).