Yuchengco-led Rizal Commercial Banking Corporation (RCBC), with its flagship mass-market financial inclusion app DiskarTech, has reached a five-digit exponential organic growth in partner deposits by the end of October versus the same period last year.
DiskarTech’s partner deposits recorded a 69,526-percent and 12,765 percent surge in transaction value and volume, respectively with close to 3 billion pesos in cash-in value. These cash-in and deposit transactions are being done in over 45,000 touchpoints nationwide that includes 7-Eleven, Bayad Center, Ayanah, rural banks, pawnshops, drugstores, and money service business, among others.
InstaPay outgoing registered a growth of 2,340 percent and 25,526 percent in transaction volume and value, respectively, while InstaPay incoming booked 790 percent and 2,521 percent, respectively. Bills payment transactions also made a big jump to 2,978 percent and 3,892 percent in volume and value, respectively.
“Partly catalyzed by the pandemic and the limited branch-based transactions, many turned to our partner merchants such as convenience stores, pawnshops and drugstores to cash in using their DiskarTech app. This five-digit growth in DiskarTech’s partner deposit transactions is a strong indication that more and more Filipinos are embracing the digital-first imperative and the value of savings,” said Lito Villanueva, RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer.
As of end-October, DiskarTech has also booked a gross transaction value in excess of P14.9 billion.
To date, RCBC’s DiskarTech continues to enjoy a month-on-month growth in both transaction volume and value, booking a 25-percent and a 48-percent increase, respectively.
DiskarTech has active users in all 81 provinces in the Philippineswith 9 out of 10 top users outside Metro Manila. In 15 months, it now recorded close to five million app downloads with 62 percent female users and 79 percent of active users belonging to the millennial and Gen Z market cluster.
“The sustained growth of transactions using the DiskarTech app reveals to us how our digital finance solutions help in bridging the so-called digital divide. RCBC continues its commitment in providing efficient, convenient and interoperable embedded finance solutions through its digital products for the benefit of more Filipinos,” RCBC President and CEO Eugene S. Acevedo added.
Recently, DiskarTech was the first app in the country to introduce any one of 18 IDs for account onboarding allowing more Filipinos from the countryside to easily and quickly create an interest-bearing DiskarTech savings account.
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RCBC is a leading and award-winning universal bank accelerating digital transformation and expanding financial inclusion in the Philippines. It was judged as the Philippines’ best retail bank in the 2021 Global Banking and Finance Review Awards. It was also named as the back-to-back best digital bank in the Philippines by Asiamoney in 2020 and 2021, by the Business Tabloid in 2021 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.
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