RCBC Launches First Digital Cash, Makes Transactions Easier for More Filipinos

Aug 2018
Philippines, August, 21 2018 - Rizal Commercial Banking Corp. (RCBC), with the support of the Bangko Sentral ng Pilipinas (BSP), is taking the lead in bringing digital financial services closer to more Filipinos as it works with eCurrency Mint’s solution to introduce ePiso. It is the country’s first digital currency that is stored in a mobile wallet app to enable everyone to enjoy daily cashless transactions.

Recently, RCBC brought ePiso to the residents of Barangay Poblacion in Muntinlupa City for a pilot launch through a digital pamilihan ng bayan. “With the pamilihan ng bayan, we wanted people to experience the ease and convenience of having ePiso. We wanted to show how it can readily help in day-to-day purchases and transactions, especially since it is available in neighborhoods,” according to JR Guillergan, RCBC Digital Banking Strategic Service Delivery head. The Yuchengco-led bank is reaching out to grassroots communities to enable them access to digital financial solutions.

Hundreds of attendees flocked to the National Housing Authority covered court to experience the convenience of using ePiso by not bringing any form of cash—paper bills or coins—but just their mobile phones to instantly buy goods at the digital pamilihan where participating sari-sari stores were located.

After converting their physical money to ePiso through partner merchants, consumers accessed their RCBC ePiso Mobile Wallet app to scan the sari-sari store’s QR code and enter the price of the goods they are buying. Most of the residents enjoyed the convenience offered by ePiso, noting, “Gusto ko ’yung mabilis na mga transaksyon, kaya paboritong feature ko ng ePiso ang pag-scan. Hindi na kailangang pumila nang matagal sa tindahan! [I appreciate the faster processing of transactions, so ePiso scan is my favorite feature. There’s no need for long queues].”

Sari-sari store owners also welcomed the cashless transactions, as they never had to worry about keeping smaller bills and coins for the usual “panukli” or tediously record their daily sales in notebooks, as they can easily check their transaction history online through the ePiso mobile app. A store owner also shared, “gusto ko ang ePiso app! Madali lang dahil, pagkatapos i-scan ng customer, makikita mo agad sa ePiso mobile wallet lahat ng mga transaksyon na pumasok. Hindi mo pa kailangan magbilang [I like the ePiso app since, after doing a scan, you will instantly see all transactions in the ePiso mobile wallet. You can do away with manual counting too].”

“This is very historical for us and the country, as we are the first in Asia to have secured digitized money in our own currency,” said Margarita Lopez, RCBC Digital Banking and Operations head. “We believe in responsible innovation at the heart of our digital initiatives, and our ePiso is aligned with BSP’s thrust of financial inclusion in the country. Now, more Filipinos can enjoy a simpler and easier way to save their small change and bills without fear of losing their money.”

RCBC ePiso will make day-to-day commerce and activities more efficient and convenient for both merchants and consumers. All you need is the ePiso Mobile Wallet, where you can store your hard-earned money and secure it with password protection to avoid threats of loss, theft and counterfeits. “The mobile app is your wallet, your piggy bank where you can safe-keep your peso coins, and helps you securely grow your wealth for a brighter future,” mentioned Lopez. The RCBC ePiso mobile app is currently available for download in Google Play.

With financial inclusion at the core of its operations, RCBC will continue to serve the unbanked and underserved market by visiting other communities for the pilot launching of the country’s first digital currency.

Source : BusniesMirror

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