RCBC sustains exponential growth in digital payments

Yuchengco-led Rizal Commercial Banking Corporation (RCBC) outpaced growth of digital payments in the country last March. 

The value of InstaPay and PESONet fund transfers of RCBC Online and Mobile Banking app increased by 293% compared to figures in March 2020, which marks the start of community quarantine in the Philippines. 

This is 109 percentage points higher than reported total growth recorded for transactions of all participating banks and e-money issuers. 

Meanwhile, volume of digital fund transfers coursed through RCBC swelled by 329%.

“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.

Aside from digital payments, another contactless solution offered by RCBC saw dramatic surges.

Volume of cardless ATM withdrawal transaction in March 2021 improved by 1,120% compared to March 2020. 

Meanwhile, transaction value jumped 1,498% in the same period last year.

“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.

RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged as the Philippines’ best retail bank in the 2021 Global Banking and Finance Review Awards. It is also the best digital bank for Business Tabloid in 2021 and by the Asiamoney and the Alpha Southeast Asia in 2020, among other global and regional recognitions. It is also the first local universal bank to have the most 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. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.