Payroll scheme expands RCBC’s credit card biz

Rizal Commercial Banking Corporation (RCBC) said it expanded its credit card business through its easy payroll system, which has attracted P2.5 billion in deposits.

RCBC head of niche marketing Butch Lustado said the RCBC Access Payroll Program for employees of many companies has been providing them financial literacy workshops and other accessible financial services since it was launched in April.

"This aligns with RCBC’s ongoing mission of promoting economic opportunities and financial well-being for all," Lustado said.

Among the payroll program's services is the Payday Now which allows employees to withdraw up to 40 percent of their salaries in advance through the RCBC app and receive the funds in real-time.

"Additional accounts opened by payroll employees had substantial availments of other financial services such as Payday Now, credit cards with waived-for-life membership and life and property protection," Lustado said.

In the first nine months, RCBC reported its credit card business and personal loans surged by 58 percent.

As of June, the bank also posted a 33 percent growth to P3.9 billion in income from service fees for Payday Now and other products amid the growing demand for financial products and financial literacy rate among Filipinos.

Given its accessibility and meaningful features, RCBC Access Payroll Program won as Best Financial Inclusion Program at the Global Banking Retail Awards by The Digital Banker and Best Corporate Social Responsibility Initiative for Financial Inclusion at the Asia Trailblazer Awards by the Retail Banker International.

"We are honored to be recognized for our efforts to create positive social impact and to provide a financial lifeline for employees who have traditionally been underserved by the financial system," Lustado said.