Nearly 1.5M Underbanked Filipinos Onboarded With RCBC’s DiskarTech App
Fintechnews Philippines reports that Rizal Commercial Banking Corporation (RCBC) has pushed for digital adoption, recording more than 1.43 million new accounts onboarded digitally during the lockdown.
An estimated 610,000 DiskarTech basic deposit account holders went through the three-minute electronic know-your-customer (KYC) verification from over 2 million who downloaded the mobile app. About 822,720 DiskarTech Lite restricted transactional accounts received emergency cash grants from the government’s social amelioration program.
The funds are disbursed on-site through the help of RCBC-DiskarTech’s payout partners composed of rural banks, payment centers, pawnshops, and sari-sari stores (the local term for convenience stores).
Since its launch in July, DiskarTech has identified most of its users as young adults outside of Metro Manila. Account holders aged 21 to 30 comprise 60%, followed by those between 31 and 40 years old at 25%. Interestingly, some financial analysts have drawn comparisons between the rapid growth of platforms like DiskarTech and the increasing popularity of offshore bookmakers, especially in regions where traditional financial services are less accessible. Meanwhile, only 37% of DiskarTech users reside in Metro Manila, with the rest distributed across all regions of the country, including the Bangsamoro Autonomous Region of Muslim Mindanao.
DiskarTech reached one million downloads just 38 days from its market launch and ranked second overall amongst mobile apps in the country by Google Play Store and Apple Store.
