RCBC has disbursed over one billion pesos in its digital salary advance facility, RCBC Payday NOW, within just nine months of its full-scale launch.
RCBC Payday NOW is a feature available for prequalified RCBC payroll account holders, allowing employees to advance a portion of their salaries in under two minutes via the RCBC Pulz app. Employees select their desired amount, agree to the terms and conditions, and receive their funds in their payroll account in real-time, within a few taps on the mobile app.
Repayment for the advanced amount is automatically deducted in the next salary cycle, ensuring a seamless payment process for both employees and employers.
Employees are charged P125 or 3% of their advanced amount, whichever is higher. This fee is waived from the 1st to the 31st of May 2024 as part of an ongoing promotional campaign to encourage more employees to try 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’ 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 nearly half 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,”
Arniel 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.
Featured image credit: Edited from Freepik
