RCBC’s digital platforms surged in Q1, revenue grew 205% – Manila Bulletin
RCBC reported revenue growth of 205% in the first quarter of this year.
DiskarTech, RCBC’s financial inclusion app, registered over 4.18 billion pesos in gross transaction value at the end of March.
Of the top transactions made through DiskarTech, RCBC says partner deposits remain the biggest contributor to the app’s overall growth, recording 1,137% and 308% of transaction value and volume, respectively. The size of DiskarTech’s deposits amounts to more than 106 million pesos, an increase of 120% compared to the same quarter last year.
These cash-in and cash-out transactions are conducted at more than 45,000 touch points nationwide, including 7-Eleven, Bayad Center, DigiPay, Panalo Express, Sendah Direct, rural banks, pawnshops, pharmacies and money services businesses, among others. . Deposits from DiskarTech’s partners are also expected to increase in the coming quarters of the year as the app further expands its cashout points across the country through its partnership with Smart Padala.
Moreover, DiskarTech remittances via InstaPay rail also recorded a steady increase at the end of March. InstaPay outbound transfers to other banks and e-wallets increased to 944% and 336% in value and volume, respectively. Incoming InstaPay transfers also increased by 84% and 31% in value and transaction volume respectively.
More DiskarTech users also took advantage of its telemedicine service this quarter with a recorded increase of 1,821% in the number of transactions, which also represented a 98% increase in the service’s transaction value. User adoption of the app’s telemedicine feature is a strong indication that more and more Filipinos are now seeing the value of digital-based medical consultation packages over those offered in hospitals and clinics. .
Bill payment transactions made through DiskarTech also continued their upward trend this quarter with an increase of 183% and 80% in value and volume, respectively.
“The sustained exponential growth of RCBC’s DiskarTech this quarter is just one indication that Filipinos are now more comfortable with digital financial transactions. We are delighted that, through DiskarTech, we can contribute to Bangko Sentral ng Pilipinas’ national goal of bringing 70% of adult Filipinos into the formal financial system and converting at least 50% of financial transactions to digital,” said said Eugene S. Acevedo, president and CEO of RCBC.
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