CIMB Bank taps Visa for debit card portfolio

MANILA, Philippines — Digital-only bank CIMB Bank Philippines has partnered with Visa to boost its debit products growth through its virtual and physical cards.

The mutually beneficial alliance would also give the global leader in payments technology exposure to a new set of customers via CIMB’s following as well as those of its other partners.

CIMB Bank Philippines CEO Vijay Manoharan and Visa country manager for the Philippines and Guam Jeff Navarro officially sealed a partnership to grow the CIMB PH-Visa Debit Card portfolio.

Manoharan said CIMB Bank is always committed to pioneering digital banking solutions and driving financial inclusion.

“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, while also contributing to the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap, which targets to make 50 percent of total retail transaction volumes digital,” Manoharan said.

CIMB Bank currently has close to 500,000 virtual and physical card customers.

Both CIMB and Visa are committed to work together towards their common goal of making financial solutions easier to access and more innovative for all Filipinos.

Under the strategic partnership, Visa would also provide CIMB customers with exclusive discounts and other privileges when the bank’s customers use their virtual debit card with select Visa merchants.

Navarro said the milestone marks an important step towards the company’s shared vision of providing accessible and innovative financial solutions to consumers, thereby boosting financial inclusion for Filipinos.

“By leveraging Visa’s global network and expertise and CIMB Bank PH’s digital leadership, we are set to create an unparalleled customer experience that caters to the evolving needs of the modern customer,” Navarro said.

CIMB Bank Philippines brings its extensive customer base of over seven million users and its leadership in embedded banking to the partnership.