Rizal Commercial Banking Corporation’s (RCBC) financial inclusion app DiskarTech has managed to process gross transaction value of over P11.8 billion (appr. $230M) just a year after its launch (in July 2020).
As mentioned in the announcement, this total transaction value includes money transfers performed via the app by consumers in the Philippines and the government aid disbursed through DiskarTech Lite with assistance from its “Ayuda Arangkada” partners.
As of August 31, 2021, DiskarTech’s gross transaction value reached P5.2 billion, which reportedly includes basic in-app transfers for making bills payments, free money transfers via Instapay and PESONet, e-load and e-pin services. It also includes cash transactions with partner merchants.
As reported by Fintech News Philippines, the overall transaction value for disbursed government aid totaled P6.5 billion. This reportedly includes financial subsidy from agencies such as the Department of Social Welfare and Development (DSWD) and the Department of Labor and Employment (DOLE) that were disbursed via DiskarTech Lite as part of the Philippines government’s social protection program.
As of end August 2021, DiskarTech reported a 17% surge in transaction value and a 29% growth in transaction volume when compared to July 2021.
DiskarTech app downloads totaled 4.4 million a year after its launch, meanwhile, deposit size reached more than P90 million at 18% monthly average growth rate.
Lito Villanueva, EVP Chief Innovation and Inclusion Officer at RCBC, stated:
“Breaching the 10-billion mark in terms of gross transaction value is an important milestone for us in DiskarTech as it shows how well Filipinos nationwide has continued to support our efforts in promoting inclusive digital finance in the country.”
Eugene S. Acevedo, RCBC President and CEO, remarked:
“Innovating with empathy has always been an important hallmark of the work that we do here in RCBC. 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.”