The Rizal Commercial Banking Corporation (RCBC), majority-owned by the Yuchengco Group of Companies, announced that it had outpaced growth of digital payments in the country last March.
The value of InstaPay and PESONet fund transfers of RCBC Online Banking increased by 293 percent compared to figures in March 2020, which marks the start of community quarantine in the Philippines, the bank said in a statement sent to FrontpagePH.com.
This is 109 percentage points higher than reported total growth recorded for transactions of all participating banks and e-money issuers. Meanwhile, the volume of digital fund transfers coursed through RCBC rose by 329 percent.
“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. The volume of cardless ATM withdrawal transaction in March 2021 improved by 1,120 percent compared to the same period last year.
Meanwhile, transaction value jumped 1,498 percent in the same period last year.
For his part, RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva said the numbers speak of how RCBC Online Banking have become essential to the 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,” the statement added.
RCBC is helping lead accelerate digital transformation in the Philippines. It is the first local universal bank with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech, which was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.