GCash and the Rizal Commercial Banking Corporation (RCBC) will team up to make cash withdrawals in rural and remote areas more accessible for e-wallet service users. Through the grassroots-oriented and bank-agnostic ATM network, RCBC ATM Go, GCash users can use their QR scanners to withdraw funds from their accounts.
The recent collaboration between the two digital financial giants is part of GCash’s continuing quest to provide Filipinos access to formal financial services, true to its vision of “Finance For All”. As one of the Philippines’ largest banks, RCBC is helping the digital finance service materialize its vision of mainstreaming embedded finance in the country.
The GCash-RCBC initiative is set to roll out progressively, aiming for full implementation by the first quarter of 2025.
Users of the e-wallet powerhouse GCash can avail of the cash-out service for a minimal withdrawal fee from RCBC ATM Go merchants scattered across 82 provinces in the Philippines.
“Together with RCBC, we at GCash will continue to foster an inclusive digital ecosystem that redefines payment solutions in the country, especially for the unbanked and the underserved Filipinos. After all, GCash is all about making Filipino lives better. We are glad and honored to have RCBC as one of our key partners as we share the same goal of helping all Filipinos become financially empowered and secure,” G-Xchange, Inc. president and CEO Ren-Ren Reyes said.
The Executive Vice President and Chief Innovations and Inclusion Officer of RCBC, Lito Villanueva, celebrated the momentous team-up of the financial institutions. This will further improve the availability of digital banking solutions to Filipinos in rural and remote areas.
“This partnership is a milestone in our digital financial journey as a country. Two digital behemoths combine to power rural and remote areas with accessible, convenient, and empowering digital banking solutions such as GCash and RCBC ATM Go. RCBC foresees more Filipinos embracing digital finance and integrating it into their daily lifestyles,” Villanueva said.
RCBC is the leading digital challenger bank and among the fastest-growing universal banks in the country, leapfrogging from eighth position in 2018 to fifth in 2023 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its over 250 global recognitions include being awarded as the Philippines’ Best Bank for Digital by Asiamoney and Euromoney for five straight years (2020-2024), and being Number 1 in the Philippine Best Customer Service 2023 survey by the Philippine Daily Inquirer and global research firm Statista. RCBC is an affiliate of Sumitomo Mitsui Banking Corporation (SMBC), Japan’s second-largest bank.
