CIMB Bank Philippines, Inc. has launched its virtual card powered by its revolving credit product REVI Credit to boost its digital banking services in the country.
Through the virtual card, REVI Credit users can shop online in any Visa-accepted online merchants. This includes e-commerce platforms, deliveries, travel bookings, and more, CIMB Bank PH said.
“When we launched REVI Credit, it was a revolutionary product that enabled Filipinos to get easy and flexible access to credit,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said in a statement on Wednesday.
“The natural next step was for us to make REVI also available for online purchases and transactions, especially as a digital banking services provider. This is also in pursuit of our mission of driving greater digital adoption in the country, which has always been our goal since we started this journey in 2018,” Mr. Manoharan added.
There is no annual fee for the virtual card. The card is also supported by fraud monitoring and prevention tools and capabilities.
Clients can only access the card’s details after keying in their pin number on the CIMB Bank PH app.
“With the launch of our virtual card, REVI Credit users can do just that. They will be able to get the most out of their credit lines and ultimately, use it to fuel their life’s passions and purpose,” Mr. Manoharan said.
CIMB Bank PH launched REVI Credit for all its customers in December 2021.
The service gives clients access to higher credit limits of up to P250,000 and interest rates as low as 1% with no annual fees. It also allows clients to convert a portion of their credit lines into cash or a term loan at any time, making it ideal for emergency needs.
Through REVI Credit, the bank has extended a cumulative credit limit of P4.3 billion since the product’s launch.
REVI Credit users can activate their virtual cards on the CIMB Bank PH app. Clients will also get zero interest on transactions made using their virtual cards when they pay on time this month.
CIMB Bank PH has over 5.7 million clients in the Philippines to date and over one million lending customers.
The commercial bank provides mobile-first digital banking solutions and services. Its total assets as of March stood at P23.191 billion, based on central bank data. — Keisha B. Ta-asan