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Manila Bulletin devider Business devider Banking & Finance devider RCBC disburses P1 B from salary advance facility

RCBC disburses P1 B from salary advance facility

Published May 16, 2024 10:00 am

Yuchengco-led Rizal Commercial Banking Corporation reported that it has disbursed over P1 billion from its digital salary advance facility called RCBC Payday NOW in the first nine months since its full-scale launch.

In a statement, the bank said RCBC Payday Now is a salary advance feature available for prequalified RCBC payroll account holders which allows employees to advance a portion of their salaries in under two minutes all through the RCBC Pulz app.  

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RCBC Payday Now is a salary advance feature available for prequalified RCBC payroll account holders 

Employees simply choose their desired amount, agree to terms and conditions and receive their funds in their payroll account in real time, all through a few taps in the mobile app.  

Payment for the advanced amount is automatically deducted in the next salary cycle of the employee, allowing for a frictionless payment method for both the employee and employer. 

Employees are charged P125 or 3 percent of their advanced amount, whichever is higher. This fee, however, is waived from May 1 to 31, 2024 as part of an ongoing promotional campaign to encourage more employees to try out the product.

“We created this product to enable a scalable solution to borrowing needs of employees so they can seamlessly advance a portion of their salaries especially during ‘petsa de peligro’.  We wanted to provide a much better option to loan sharks and ‘ATM sangla’ (ATM pawning) schemes which charge very high interest rates”, said RCBC Head of Credit Cards and Personal Loans Arniel Vincent Ong.

The digital salary advance facility is currently available to over 200,000 employees from partner payroll companies of the bank.  

Since its launch, RCBC Payday Now has seen widespread adoption among customers, with close to 50 percent of mobile-active employees availing of the offer.

“We are encouraged to see high adoption and very high repeat rates which validates our theory that by providing a digital salary advance with superior customer experience and pricing, we are able to deliver a greater benefit to our payroll customers,” Ong added.

RCBC has taken further steps in digital lending for payroll account holders by launching RCBC Salary Loan Now in the first quarter of 2024 - its higher ticket, longer term salary loan facility for the same payroll base.  It aims to expand the reach of this product for the remainder of the year.
 

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Rizal Commercial Banking Corporation
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