RCBC mobile app transactions reach P109 billion

MANILA, Philippines — Gross transaction value handled by Rizal Commercial Banking Corp. (RCBC) through its digital banking app jumped 75 percent to P109 billion, while that of its DiskarTech app zoomed by 193 percent to P18.3 billion last year.

RCBC president and CEO Eugene Acevedo said the bank’s unique innovations and synergized collaborations have successfully pushed financial inclusion.

“Innovation with empathy. This has been the collective mindset we all share in RCBC when it comes to developing and providing digital platforms and solutions for our customers. It is by understanding the needs of the people we serve that RCBC finds its strength as a digitized legacy bank,” he said.

DiskarTech has successfully scaled its reach and usage with over five million downloads in less than two years, more than double from the previous year.

The app’s partner deposits or cash-in in over 45,000 touch-points nationwide that include 7-Eleven, Bayad Center, Ayanah, rural banks, pawnshops, drugstores, and money service business, among others, booked a 26,568-percent and 6,632-percent surge in transaction value and volume, respectively, compared to 2020 figures.

Likewise, fund transfers via InstaPay have also been on an uptrend, as incoming transaction volume and value increased by 2,113 percent and 2,616 percent. respectively. Outgoing InstaPay transaction volume and value also soared by 527 percent and 12,394 percent, respectively.

Furthermore, bills payment transactions via DiskarTech soared by 2,113 percent in volume and 2,616 percent in value.

RCBC’s neighborhood mobile point-of-sale terminal ATM Go also recorded an increase in year-to-date transaction volume of more than 2.8 million with a total throughput value of almost P8 billion.

Over 60 percent of the transactions served were Pantawid Pamilya conditional cash transfer beneficiaries in 77 out of 81 provinces.

The bank said RCBC Digital also introduced pioneering app-based services such as the country’s first digital investment management account (IMA) opening, digital concierge, and mobile check deposit, among others.

These three digital platforms combined, booked a 116-percent jump to RCBC’s year-on-year revenue.