Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has introduced many firsts in its revitalized mobile banking app with enhanced user interface and other new online banking features to optimize digital customer experience.
Highlights of the new RCBC mobile app include the push and pull payments through QR Ph, the government’s national QR code standard promoting interoperability across payments providers in the country,online time deposit placement of up to P10 million or $200,000, and online check deposit for On-us checks, among others.
It now allows in-app enrolment with newly improvedsecurity features such as biometrics log-in, one-time password verification, and device registration where account can only be accessed on registered devices.
On the other hand,the web version of RCBC Online Banking can now facilitate multi-currency foreign exchange or buy-and-sell supporting various currencies such as Chinese Yuan, Euro, British Pound, Hong Kong Dollar, Japanese Yen, Singapore Dollar, and US Dollar; and online government payments via PESONet in partnership with the Land Bank of the Philippines. Both features will be available in the mobile app by second quarter of this year.
“Filipinos should expect for more digital-enabled banking products and services coming their way as we usher in 2020, further scaling digitalization and financial inclusion,” RCBC Chief Innovation and Inclusion Officer Lito Villanueva said.
In a recently released study of the United Nations-based Better Than Cash Alliance (BTCA) it reported that the volume of e-payments usage in the Philippines grew from 1 percent in 2013 to 10 percent in 2018, while the value of e-payments rose from 8 percent to 20 percent during the same period.
The study also revealed that women in the Philippines are ahead of the men in adopting digital payment solutions.
“This clearly shows that people have been receptive of these innovative fintech solutions.
By trusting and embracing these solutions, it would surely bring an inclusive and sustainable digital economy,” Villanueva added.