RCBC Sees 1000% Increase in Growth for Cardless ATM Withdrawal Serviceby Fintech Philippines June 3, 2020
More than 1,000-percent increase in the growth was recorded in May in transaction value coursed through Rizal Commercial Banking Corporation’s (RCBC) cardless ATM withdrawal service, as the bank sustains its exponential growth across key digital metrics at the close of the enhanced community quarantine (ECQ) and the modified enhanced community quarantine (MECQ).
Daily transaction count of cardless ATM withdrawals during the ECQ period grew 906 percent from those recorded before the enforcement of the lockdown on March 16.
An increase in usage rate during the succeeding days kept the momentum going for RCBC. Digital banking enrolment was up 193 percent during the ECQ, which end May 31, compared to pre-ECQ figures.
RCBC’s Send Cash service, which allows clients to remit money even to unbanked receivers through its ATM network, and remittance center partners, swelled to 569 percent and 516 percent in daily transaction value and amount, respectively.
InstaPay transactions also rose 262 percent in the same period. RCBC has been one of the first banks to offer free InstaPay and PESOnet fund transfers to its customers. It has extended it until June 15.
Meanwhile, ATM Go, RCBC’s handheld ATM service, set last May 28 a new record high of 25,528 in approved transactions in a single day. This helped bump the growth of its daily average transaction volume to 147 percent during the ECQ period versus its pre-ECQ figures. Increase of its daily average amount is at 148 percent in the same period. It has disbursed over P2.4 billion to more than 875,000 families benefiting approximately 4.3 million individuals. Over 70 percent of the P2.4 billion disbursed was done during the 11-week ECQ/MECQ period.
Almost four out of every five ATM Go transactions in the first five months of the year were disbursements for beneficiaries of the Pantawid Pamilyang Pilipino Program. ATM Go terminals number more than 1,800 and service 72 out 81 provinces nationwide. Top provinces that disbursed those grants include Masbate, Northern Samar, Negros Occidental, Marinduque, and Sultan Kudarat.
“We see no sign of slowing down for the growth of transactions in our digital platforms,”
says Lito Villanueva, RCBC executive vice president and chief financial innovation and inclusion officer.
“RCBC is confident that digital will be the preferred transaction of many Filipinos despite the shift to general community quarantine,”
“and the bank is ready to provide the service they require with the changing arrangements. At least 50 percent of branch-based over-the-counter transactions will be digital.”
In quickly delivering relevant and responsive digital products and services, RCBC was able to secure seven BSP approvals for its various ECQ-related initiatives within the first four weeks of the ECQ including the Monetary Board approval authorizing the Bank to accept government deposits to help in expending the disbursements of the government social amelioration assistance to 18 million families.
“BSP has been true to its commitment to further promote inclusive digital finance in the banking industry as seen in their speed in approving our requests for various innovations during the lockdown,”
said Eugene Acevedo, RCBC president and CEO.
This article first appeared on fintechnews.sg