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% and 12,765% 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 include 7-Eleven, Bayad Center, Ayanah, rural banks, pawnshops, drugstores, and money service businesses, among others.
InstaPay outgoing registered a growth of 2,340% and 25,526% in transaction volume and value, respectively, while InstaPay incoming booked 790% and 2,521%, respectively. Bills payment transactions also made a big jump to 2,978% and 3,892% 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 ₱14.9 billion.
To date, RCBC’s DiskarTech continues to enjoy a month-on-month growth in both transaction volume and value, booking a 25% and a 48% increase, respectively.
DiskarTech has active users in all 81 provinces in the Philippines with 9 out of 10 top users outside Metro Manila. In 15 months, it now recorded close to five million app downloads with 62% female users and 79% 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 to 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.