According to the Yuchengco-led Rizal Commercial Banking Corp. (RCBC), its flagship mass-market financial app DiskarTech, has reached a five-digit exponential organic growth in partner deposits by the end of October versus the same period last year.
DiskarTech’s partner deposits recorded a 69,526-% and 12,765% surge in transaction value and volume, respectively with close to P3 billion in cash-in value. These cash-in and deposit transactions are being done in over 45,000 touchpoints nationwide.
“Partly catalyzed by the pandemic and the limited branch-based transactions, many turned to our partner merchants such as convenience stores, pawnshops, and drugstores to cash in using their DiskarTech app,” said Lito Villanueva, EVP, and chief innovation and inclusion officer, RCBC. “This five-digit growth in DiskarTech’s partner deposit transactions is a strong indication that more and more Filipinos are embracing the digital-first imperative and the value of savings.”
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InstaPay, an electronic fund transfer (EFT) service, outgoing registered a growth of 2,340% and 25,526% in transaction volume and value, respectively, while InstaPay incoming booked 790% and 2,521%, respectively. Bills payment transactions also made a big jump to 2,978% and 3,892% in volume and value, respectively.
Transaction volume and value
As of end-October, DiskarTech has also booked a gross transaction value in excess of P14.9 billion.
To date, RCBC’s DiskarTech continues to enjoy a month-on-month growth in both transaction volume and value, booking a 25% and a 48% increase, respectively.
DiskarTech has active users in all 81 provinces in the Philippines with 9 out of 10 top users outside Metro Manila. In 15 months, it now recorded close to 5 million app downloads with 62% female users and 79% active users belonging to the millennial and Gen Z market cluster.
Recently, DiskarTech was the first app in the country to introduce any one of 18 IDs for account onboarding allowing more Filipinos from the countryside to easily and quickly create an interest-bearing DiskarTech savings account.