MANILA - Citi Philippines on Tuesday launched an app-based feature enabling clients to use their credit cards for transactions that usually settled through cash or check.
Citi customers can pay for rent, professional fees, tuition and membership dues as well as select insurance payments with their credit cards by tapping Citi PayAll in the bank's mobile app, Citi Philippines banking head Manoj Varma said.
"It is our intent to try and keep up with the changing times. People have severe shortage of time. We want to make sure that banking is something that is not full of hassle and inconvenience," Varma said.
PayAll allows for "seamless" payment to any local bank account for a maximum of P200,000 per transaction and P1 million a month with a transaction fee of 2 percent, said Citi Philippines cards and loans director Mukul Sukhani.
"In the past, you can’t pay a guy who comes to your house and does house repairs with a credit card," Sukhani told ABS-CBN News.
"No other bank has this feature at this point in time and this is one of the things we’re doing to make sure we’re ahead of the competition...You can pay as long as you have the bank account details," he said.
Payments can be scheduled 7 days in advance or for up to a year so clients won't have to worry about deadlines or memorizing account numbers, Varma said. Users earn rewards per transaction, he said.
Compared to PesoNet or InstaPay, PayAll gives consumers more "flexibility" by allowing cancellation before the transfer is completed, he said.
The PayAll feature was also introduced in Singapore and Hong Kong, Sukhani said.