RCBC beefs up network of outlets for cash transfer

RIZAL Commercial Banking Corp. (RCBC) partnered with more remittance outlets to help in cash payouts of its customers during the enhanced community quarantine (ECQ ) due to the coronavirus disease 2019 (Covid-19) pandemic.

The listed bank said remittances can now be claimed through M Lhuillier, Palawan Pawnshop, Palawan Express and Bayad Center outlets, apart from its actual branches.

The cash remittance is done through the Send Cash feature of RCBC'S online platform, transmitting money to recipients with or without bank accounts, the yuchengco-led bank explained.

“Given the restricted mobility of many Filipinos and the limited operation of bank branches, these partnerships will be of big help to augment this service which has proven essential during this time,” said RCBC Executive Vice President Angelito M. Villanueva.

Since the Luzon-wide lockdown, RCBC noted that Send Cash transactions rose by 156 percent, the second-biggest uptick among its online transactions recently.

Cardless automated teller machine (ATM) withdrawals, meanwhile, were the highest with 621-percent growth since the ECQ period began. It has 1,500 ATM outlets across the country.

Apart from this, RCBC has also launched other initiative in easing the burden of its customers amid the lockdown through a mobile ATM service.

The listed bank said that ATM Go disbursed over P1 billion in the first quarter—170 percent more than last year for the same period—as majority of the transactions were the conditional cash transfer payouts for government beneficiaries under the “Pantawid Pamilyang Pilipino” program and distribution of social amelioration emergency cash subsidy.

ATM Go allows Bancnet cardholders to make basic banking transactions like withdrawals, inquiry and fund transfers through any partner rural bank, drug stores, microfinance firms and even sari-sari stores.

RCBC said payouts of the cash assistance are being simultaneously held in over 70 provinces via over 1,250 mobile ATM Terminals.

The yuchengco-led bank's shares were up 10 centavos, or 0.57 percent, to close at P17.60 apiece on Wednesday.