More Pinoys embracing technology — RCBC

MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) said more Filipinos are embracing technology as the industry ramps up efforts to push financial inclusion to support  the goals of the Bangko Sentral ng Pilipinas (BSP).

RCBC president and chief executive officer Eugene Acevedo said the bank’s DiskarTech app continues to gain the trust and loyalty of more and more Filipinos nationwide for their digital banking and fund transfer needs.

“RCBC remains committed in helping Filipinos, especially those coming from the geographically isolated and disadvantaged areas, to have easier access to different financial services,” Acevedo said.

Latest data showed usage growth of DiskarTech among its Filipino users with the total number of transactions jumping by 163 percent to 474,230 and value surging 388 percent to P2 billion in the second quarter.

Among the top in-app services offered, Filipinos prefer to use the DiskarTech app for their outgoing Instapay transactions with a 241 percent increase, followed by deposits from partner merchants, stores and institutions with 164 percent, and internal fund transfers with 157 percent.

DiskarTech users also took advantage of the app’s cardless withdrawal feature with a 597-percent transaction count growth valued at more than P120 million in end-June.

Deposits from partner merchants, stores and institutions alone processed through DiskarTech soared by 531 percent to more than P700 million in the second quarter.

Likewise, InstaPay transactions surged by 435 percent to more than P1 billion, while internal fund transfers jumped by 289 percent to P27 million.

Total deposits using the DiskarTech app increased by 55 percent to P74 million from April to June.

Lito Villanueva, chief innovation and inclusion officer at RCBC, said the sustained usage growth of DiskarTech for the second quarter is a clear testament to the growing trust and confidence of Filipinos nationwide for the country’s first Taglish financial inclusion app.

“By waiving fund transfer fees for transactions done with other banks, we have removed one of the barriers that may discourage ordinary Filipinos to avail the services that we offer,” Villanueva said.

To further boost its customer usage experience, DiskarTech recently launched its Bisaya version last July 1, making the app interface more understandable and accessible to customers living in the Visayas and other regions of the archipelago who speak the language.

Meanwhile, the Yuchengco-led bank is pioneering cardless withdrawal for mobile point-of-sale terminals (mPOS) through RCBC’s ATM Go as part of the bank’s commitment to digital innovation and financial inclusion.

Aside from the regular services requiring an ATM Card, ATM Go can now process cardless withdrawals via other RCBC mobile apps. Transactions can be initiated via RCBC online mobile app or through the DiskarTech financial inclusion app.

Under its three-year Digital Payments Transformation Roadmap, the BSP aims to convert 50 percent of retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023 to transform the country into a cash-lite from a cash-heavy economy.