Rizal Commercial Banking Corp. (RCBC) saw an increase in credit card usage among its customers ahead of the holidays, reflecting sustained consumer confidence and retail activity.
At the end of September, the bank's bills issued grew by 32% year on year, while its receivables increased by 37%, it said in a statement on Sunday.
RCBC's active cardholders also grew by 19% to 1.4 million during the period.
Cardholders are spending more on travel, dining and online commerce platforms, it said, as digital payment adoption continues to drive credit card growth.
It also saw purchases of more electronics and gadgets amid several year-end promos and installment options from merchants.
“RCBC Credit Cards continue to attract discerning customers who expect more from their cards, whether that means access to exclusive dining amenities, worry-free travel or instant rewards on every purchase,” said President and CEO of RCBC Credit Cards.FAiser Arnielle Vincent b. Ong said in a statement.
“In addition, our cardholders have the ability to manage their credit card accounts at their fingertips with the RCBC Pulz app, which provides 24/7, real-time access to payment management features such as on-demand installment purchase conversions (Unli Installment) and the ability to use the card limit to make payments to vendors who do not accept card payments (UnliPay). Our growing customer base reflects our customers' strong confidence in the RCBC brand.”
RCBC is part of the first batch of card issuers in the country to offer Google Pay through its Visa and MasterCard debit and credit cards. The service was launched for the public on 19 and 20 November respectively.
The bank's credit card portfolio accounts for 39% of its total retail loans, positioning it as the main driver of its consumer loan segment.
Mr Ong had previously said he expected his card business to continue growing at about 30-40% next year. – KK Chan
