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Manila Bulletin devider Business devider Banking & Finance devider RCBC's 'phygital' transactions up 43%

RCBC's 'phygital' transactions up 43%

Published Sep 21, 2023 05:08 am

Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) reported P7.5 billion worth of transactions via its “phygital” solutions from July 2022 to July 2023, and that it now covers 100 percent of its nationwide banking operation.

In a statement, RCBC said its phygital solutions posted a 43 percent year-on-year growth in terms of transaction volume. Phygital is a hybrid of its digital financial solutions and its physical brick-and-mortar human-assisted operation.

The bank also noted an expansion rate of 527 percent during the period, on the back of 1,843 new terminals to its bank-agnostic mobile-point-of-system (POS) ATM network.

RCBC President and CEO Eugene S. Acevedo said RCBC “took the risk to invest in the country’s pioneering phygital solutions” as part of the bank’s commitment to “making livelihood and economic opportunities” while its “digital and financial literacy (have become) more available to wider segments of the Filipino people.”

RCBC’s Lito Villanueva, who is the Executive Vice President and Chief of Innovation and Inclusion, for his part said the bank expanded its ATM Go in support of the Bangko Sentral ng Pilipinas’ (BSP) Digital Payments Transformation Roadmap which aims to shift about 50 percent of payment transactions into digital form by the end of this year.

The bank said ATM Go is projected to increase its reach with 6,000 operational terminals, or about a 434 percent growth rate by the end of the year. As of end-2022, the BSP said 42.1 percent of transactions are already e-payments.

In the same statement, RCBC said its 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 leading phone service providers - SMART and Globe.

The distinct feature of RCBC ATM Go as a versatile banking solution and platform has enabled RCBC to be the only bank that services the Bangsamoro Autonomous Region of Muslim Mindanao, the bank stated.

ATM Go partners include MLhuillier, DA5, PeraHub, ExpressPay, Cantillan Bank, and BAYAD, among others. The partnership involves remittance services, fund transfers, and bills payment.

RCBC has also partnered with the Department of Trade Industry to assist mSMEs in digitizing their operations. This complements its support of the BSP in financially including jeepney drivers, market vendors, and other low-income workers into the digitization journey through PalengQR Ph and Paleng QR Ph Plus.

“In addition, RCBC shared that the solution is widely patronized in rural areas and amongst low-income communities,” it added.

About 95 percent of financial transactions are transacted in rural areas of which more than 60 percent are conditional cash transfer withdrawals by beneficiaries of the Pantawid Pamilyang Pilipino Program or 4Ps by the Department of Social Welfare and Development, said RCBC.

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