Quezon City’s Public Market Embraces Digital Payments With DiskarTech Appby Fintech News Philippines October 21, 2020
Most of the Litex Market’s vendors at Commonwealth Avenue, Quezon City seem to have embraced digital payments with the aid of Rizal Commercial Banking Corporation’s (RCBC) DiskarTech app. They reported that about 197 out of 200 vendors have downloaded the app for their transactions.
These vendors join the growing number of “Negosyantech”, in the country. It is a coined word referring to an entrepreneur who embraces technology. They belong to the 70% unbanked and underserved sector whom RCBC would like to reach out to as a commitment to financial inclusion for Filipinos.
“They were left out of this move to digital platforms. Most of them are challenged in terms of language and identity verification and they feel that the existing financial apps are not made for them. That is why RCBC introduced Diskartech to fill in this gap”
said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer.
DiskarTech also enables the Negosyantech users to provide services on their customers’ behalf for a fee as an additional source of income. These services include bills payment, prepaid smartphone loading, money transfers, insurance, telemedicine and more.
Another benefit that a Negosyantech user would be the 3.25% interest per on annum on savings in the DiskarTech app. To make it more enticing to the masses the digital bank does not require a maintaining balance unlike a regular bank account.
Diskartech is said to have recorded more than three million downloads since it launched in July 2020.