RCBC Reports Exponential Surge in Contactless Payments in the Past Yearby Fintech News Philippines May 20, 2021
Rizal Commercial Banking Corporation (RCBC) announced that it witnessed massive growth in its digital payments volume in the past year.
The value of InstaPay and PESONet fund transfers of RCBC Online and its mobile banking app increased by 293% compared to figures in March 2020, which marks the start of community quarantine in the Philippines.
RCBC said that this is 109% higher than reported total growth recorded for transactions of all participating banks and e-money issuers.
Additionally, the volume of digital fund transfers that was handled by RCBC swelled by 329%.
Another contactless solution that saw dramatic surges is the volume of cardless ATM withdrawal transaction in March 2021 which improved by 1,120% compared to March 2020.
RCBC has an extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech.
Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others.
“The pandemic has really changed the way people are transacting these days. We are happy to help everyone in adjusting to these changes.
We continue to ensure that no one gets left behind in this digital shift,”
said RCBC President and Chief Executive Officer Eugene Acevedo.
“These numbers speak of how RCBC Online and Mobile Banking app have become essential to our people during the pandemic.
The integration of these apps and devices have made surviving—and even thriving for some—possible during this pandemic. We are committed to doing the same in the coming years,”
said RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva.