Rizal Commercial Banking Corporation (RCBC) has achieved a significant milestone in its digital lending initiatives, disbursing over PHP1 billion in salary advances through its mobile app feature, RCBC Payday Now. This impressive feat comes just nine months after the full launch of the service, showcasing its popularity among Filipino employees.
RCBC Payday Now caters to pre-qualified RCBC payroll account holders, offering them the convenience of accessing a portion of their salary in under two minutes. Entirely managed through the RCBC Pulz app, the process is remarkably streamlined. Employees simply choose their desired amount, accept the terms and conditions, and receive the funds deposited directly into their payroll accounts — all within a few taps. Repayment is equally seamless, with the advanced amount automatically deducted during the next salary cycle. This hassle-free experience benefits both employees and employers.
For a limited time, RCBC is waiving the service fee of PHP125 or 3% of the advanced amount (whichever is higher) until 31 May 2024. This promotional campaign aims to further encourage employee adoption of the service.
“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. 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,” according to RCBC Head of Credit Cards and Personal Loans Arniel Vincent Ong.
The service has seen tremendous traction, with nearly 50% of mobile-active RCBC payroll account holders availing themselves of the option. This translates to over 200,000 employees from partner payroll companies who now enjoy the convenience and flexibility offered by RCBC Payday Now.
Expanding its digital lending portfolio for payroll account holders, RCBC also launched RCBC Salary Loan Now in the first quarter of 2024. This program caters to those seeking larger loan amounts with longer repayment terms. RCBC aims to broaden the reach of this service throughout the remaining months of the year.
Companies interested in offering these benefits to their employees through the RCBC Payroll facility can contact the bank via email at [email protected].