By Alithea De Jesus
True to its commitment to embark on digital transformation to empower as many Filipinos as possible, RCBC’s DiskarTech, has adopted the interoperable national quick response (QR) code standard as payment and transfers feature in its super app. This is in support of the government’s massive digitalization efforts especially during the pandemic through the initiatives of the Bangko Sentral ng Pilipinas (BSP).
The QRPh provides fast, error-free, and secured financial transactions and any data transferred through it is encrypted making the transaction safe and reliable. This lessens face-to-face encounters and promotes digital or cash-lite financial transactions.
Given that there are 1.5 million registered businesses in the Philippines, Trade and Industry Secretary Ramon Lopez admitted that government cannot capacitate the micro, small and medium enterprises (MSMEs) on its own. That is why he cited the partnership with the initiatives of the private sector like DiskarTech to push MSMEs to embrace digitalization. DiskarTech is a complete suite of financial services inclusion super app of RCBC, one of the country’s leading commercial banks.
It initially covers person-to-person (P2P) digital payments which could be used by micro-entrepreneurs such as sari-sari stores and market vendors. This enables merchants and even vendors to accept payments digitally by displaying a standard QRph code to be scanned by customers.
Interestingly, DiskarTech has aggressively deployed its NegosyanTech kits to various sari-sari stores enabling and empowering community-based micro-businesses to accept digital payments through QRph. It has started with the largest public market in Quezon City where hundreds of market vendors are now using the DiskarTech QR code scanning. This is the first deployment of QRph in sari-sari stores nationwide for retail payments.
“By helping more than 1.3 million sari-sari stores and market vendors in over 42,000 barangays, Diskartech’s complete suite of digital financial services will benefit our MSMEs,” Lopez said. According to the BSP, the QRPh is showing promising trends. In the same period as of end-June, transactions in volume increased by 1,214 percent since its launching in November 2019, while value was up 1,374 percent.
“We continue to deliver on our commitment to accelerating digital inclusion across communities across the country through grassroots banking. This supports key sustainable development goals creating social impact and meaningful progress amidst the pandemic,” said Lito Villanueva, executive vice president, and chief innovation and inclusion officer.
Other updates of the DiskarTech app are fund transfer using the mobile number, application and updating of username, push notifications for transactions and updates for the latest promos.
DiskarTech continues to become the preferred financial app as it reaches more than 3 million downloads from both Google Play store and Appstore this October.
In addition to the latest updates, subscribers will continue to enjoy the permanent features of Diskartech like the income-generating referral system. Enterprising Filipinos can earn an extra income by asking someone to download and register using a special referral code, 3.25% per annum interest on savings, cash-in, and cash-out transactions through over 30,000 partner-agent locations, one-stop-shop for utility bills payment. They could also do business through the purchase of mobile phone load and e-gaming pins. What makes Diskartech a standout is that it offers income and life protection through the purchase of affordable insurance products. Also, one of the best and unique features of this super app is Telemedicine where you can avail of online medical services.
With RCBC’s massive digital push during the pandemic coupled with its exponential digital transaction volume and value during the pandemic, it has merited three global awards as the country’s best digital bank.