DiskarTech, which is Rizal Commercial Banking Corporation’s (RCBC) digital banking platform, has become the number 1 finance or Fintech app in the Philippines to have launched services in 2020 across distribution platforms in terms of total downloads, according to App Annie (a provider of analytics and mobile data).
DiskarTech had managed to reach 1 million downloads only a month after it was officially launched. The widely-adopted Fintech app has now been installed over 3.5 million times, as of December 31, 2020.
DiskarTech has also managed to reach the top 10 spot among all new finance-related apps for both platforms. The app placed 9th for iOS devices and 10th for Android.
DiskarTech’s users are mainly female and between the ages of 21 to 30 years old at 65% and 55%, respectively. Most of DiskarTech app users are based outside of the National Capital Region (at 70%).
Lito Villanueva, RCBC’s EVP and Chief Innovation and Inclusion Officer, stated:
“We welcome this recognition as a challenge to bring more Filipinos into the shelter and opportunity of the formal financial network. The extended crisis posed by the continuing pandemic requires the scaling of digital technology to spread its benefits to the mass market.”
RCBC continues to support the digital payments transformation roadmap and strategy that has been adopted by Bangko Sentral ng Pilipinas, the nation’s central bank.
By 2023, the reserve bank wants half of retail payments in the Philippines to be settled online or via digital platforms, with the majority or 70% of adults in the country becoming a part of the formal financial system.
These goals will be addressed by RCBC’s digital transformation strategy which will be supported by various products and services such as mobile and online banking, handheld ATM Go mobile POS terminals, and the DiskarTech Fintech app (among other solutions).
As reported recently, the Southeast Asia region experienced significant digital commerce growth and online payments adoption by consumers, according to a new report.
In the Philippines, digital commerce volume surged 376% during the first half of last year, and data shows that physical business locations are adapting to changing consumer behavior with the number of registered online merchants growing by a factor of around 40.
Philippines based digital wallet GCash has reached PHP 1 trillion in total transactions during the past year.