Rizal Commercial Banking Corporation’s (RCBC) community-based financial service ATM Go recorded PHP 7.5 billion (US$ 132.1 million) in transactions.
The service has been growing rapidly, with a 43% year-on-year increase in transaction volume and a 527% increase in the number of terminals.
The RCBC ATM Go leverages mPOS devices to provide full banking services which include deposits, withdrawals, bank transfers, and account management to geographically isolated and disadvantaged areas (GIDAs) which have low to no bank and ATM presence.
Its single-sim powered mPOS devices are capable of receiving dual telco signals from telecommunications service providers SMART and Globe.
The solution is widely used in rural areas and by low-income communities, with 95% of transactions taking place in rural areas.
More than 60% of those transactions being conditional cash transfer withdrawals by beneficiaries of the government’s Pantawid Pamilyang Pilipino Programme by the Department of Social Welfare and Development (DSWD).
RCBC is also working with the government to help small businesses digitise their operations and to provide financial literacy to low-income Filipinos.
By the end of the year, RCBC ATM Go is expected to have 6,000 operational terminals, which will represent a 434% increase over the current number.
