Bank releases P870M in digital social aid payment during ECQ


    Focusing on its digital channels to service all provinces in 2020, Rizal Commercial Banking Corp., through its handheld ATM Go service, disbursed over P870 million to more than 350,000 household beneficiaries during the first six weeks of the enhanced community quarantine (ECQ) nationwide.

    ATM Go is one of RCBC’s digital banking facilities where mobile point-of-sale devices are deployed to remote communities to provide automated teller machine (ATM) functions. Services, such as withdrawals, cash deposits, balance inquiries, fund transfers, and e-loading, are available to any BancNet ATM cardholder.

    Over 1,800 devices are deployed in 72 out of 81 provinces. “The triple-digit surge in digital transactions showed the consumer demand for convenience and security during this pandemic. We are committed to cover 100 percent of the provinces nationwide or just about nine more provinces within the year. This is countryside digital banking,” Lito Vilanueva, RCBC executive vice president and chief innovations and inclusion officer said.

    RCBC is currently the only bank that has successfully rolled out a massive digital disbursement platform enabling its payout partners in the countryside to augment the government’s efforts in quickly distributing the emergency cash subsidy to eligible families affected by the lockdown.

    “This is digital countryside banking. At the heart of this pioneering endeavor is RCBC’s wish to include every Filipino, especially the unbanked and underserved, in the enjoyment of life-changing financial services wherever they may be,” Villanueva added.

    These new digital terminals will also be capable of loans amortization payment collection and bills payment by electric and water cooperatives in all locations.

    Digital Social Aid Service

    Since the enforcement of the enhanced community quarantine in the Luzon island and other localities in the country, ATM Go has disbursed a total of 800 million pesos of conditional cash transfer subsidies.

    The remote capability if ATM Go has ensured continuous payout of the Pantawid Pamilyang Pilipino despite the restricted mobility of beneficiaries and the limited operation of bank branches.

    The Department of Social Welfare and Development has recently issued a memorandum to all its regional offices endorsing the use of ATM Go for off-site payment of cash aid.

    These efforts of RCBC is aligned with the thrust of the Bangko Sentral ng Pilipinas of accelerating inclusive digital finance in the country.

    Last year, ATM Go’s transaction count, volume and revenues grew five times since it was launched in 2018. Transaction count grew by 564 percent to 1.2 million in 2019 from 186,000 in 2018, volume increased by 521 percent to P3.3 billion from P542 million, while revenues jumped by 500 percent to P36.2 million in 2019 from P6 million in 2018.

    The exponential growth of ATM Go continues this year as it breached the one-billion-peso mark, now in excess of P1.5 billion in disbursed cash in the first quarter of 2020.


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