Today, the bank continues to strengthen its presence in the community, especially among the unbanked market, by developing accessible financial services to assist them in day-to-day transactions. To make this vision happen, RCBC supports the countrywide goal of the Bangko Sentral ng Pilipinas (BSP) to achieve financial inclusion.
As the bank believes in empowering every Filipino citizen to contribute to the nation’s transformation, it further strives to innovate its services to widen the range of financial services available to the underserved market. One innovation that RCBC has developed is the country’s first digitized cash, ePiso.
Paving the way for cashless transactions
In line with BSP’s “test and learn” approach, RCBC took a big move in developing the first-of-its-kind digital cash in the Philippines with ePiso. The bank worked closely with international firm eCurrency Mint as they ventured to digital fiat currency technology to design an efficient financial solution for Filipinos.
The RCBC ePiso is digitized money stored in a mobile wallet to enable safe, fast, and affordable payment option that will improve consumers’ daily activities and transactions. The Bank worked closely with BSP to ensure that ePiso has security features that will bring economic benefits and reduce safety risks for the users.
“We’re really glad to see that RCBC is taking an action towards our shared goal of financial inclusion. We believe that their ePiso project can open opportunities for us to explore how having digital currency can help us achieve a sustainable inclusive ecosystem for the country,” said Mhel Plabasan, BSP core information technology specialist group head and deputy director.
Businesses and consumers can use ePiso to pay bills, purchase goods, and transfer money to other users with the RCBC ePiso mobile app. It is securely protected with a username and password so one can personally track their money and transactions.
In May 12, the commercial bank successfully test-launched its ePiso to residents of Barangay Poblacion in Muntinlupa City. This was followed by a pilot run among farming communities in Valencia City in Bukidnon last May 17.
In cooperation with sari-sari store owners in Muntinlupa, RCBC held a digital pamilihan ng bayan where individuals and families experienced cashless transaction with their ePiso. With a QR code technology, they used the RCBC ePiso mobile app to scan the merchant’s code for easier purchases.
“The ePiso was greatly received by the community, with both sellers and consumers testifying about the convenient transactions using the product,” shared JR Guillergan, RCBC head of Digital Banking Group Strategic Initiatives.
Meanwhile, RCBC and Rizal Microbank made the move to make loan payments to its agri-clients easier by going digital with ePiso. Bukidnon farmers received their loan proceeds from the microbank through the ePiso mobile app and enjoyed purchasing farming supplies from RCBC’s partner retailers.
“Digital lending is one way that we can support our farmers in their livelihood. It cuts the costs of transportation and transaction fees when going to bank because now they can just open their ePiso app and see that their loans are already credited to their account,” noted Raymundo Roxas, Rizal Microbank president.
Global recognition from digital financial community
RCBC ePiso has become a source of pride for Filipinos as it was recognized in an international conference and workshop about digital fiat currency technology held in Cornell Tech Campus at New York City, USA last July 18 to 20, 2018.
Along with other financial institutions from around the world, RCBC showcased how they developed a comprehensive digital platform that would promote financial inclusion in the country. The bank was acknowledged for its progressive efforts in making day-to-day financial activities more secure and efficient for Filipinos with the ePiso digital currency.
“Digitizing our peso bills and coins allows us to ensure, safer, faster, reliable means for economic activity to thrive in the communities we serve. This is digital inclusion, one barangay at a time,” said Margarita Lopez, head of RCBC Digital Banking Group.
As RCBC celebrates its 58th year, the bank solidifies its role as an industry leader that brings revolutionary financial services and digital products to both businesses and consumers. With ePiso, RCBC is empowering the unbanked market to have access to easy and secure transactions to help improve their lives. It continues to believe in Filipinos, enabling them to become the best that they can be and assisting them towards an inclusive nation.
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