RCBC launches digital cash
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has partnered with Currency Mint Ltd. to launch its digital money, RCBC ePiso.
A first-of-its-kind digital cash in the country, the ePiso is a digitized Philippine peso that enables secure, affordable, fast and efficient mode of mobile payment that provides consumers and businesses an innovative payment solution revolutionizing day-to-day commerce.
The creation of the Digital Secured Stored Value supply has started the transformation of the Philippine peso into a digital fiat currency.
RCBC’s ePiso is piloted under a regulatory sandbox initiative with the BSP.
Unlike physical bills and coins that are prone to security risks and fraud, the RCBC ePiso is securely digitized so it will not be lost, stolen, or counterfeited,.
Everyone can have their money secured easily by going to the nearest partner merchant to convert physical pesos and coins to ePiso that is placed in a mobile wallet.
The digitization of the peso aims to help Filipinos have easier access to financial services no matter where they are. Acquiring digital cash is very easy as users only need to go to sari-sari stores and accredited partners to convert their hard cash to ePiso digital cash for free.
Through the mobile wallet, users can buy goods at partner retailers, pay bills, or send money to other ePiso users without the risk of theft or misplacing their money.
With the mobile wallet, the ePiso is secured with password protection, on top of digital security layers, so the account owner is the only one who has access to his money.
With ePiso, consumers can safely carry digital currency with them anywhere they go and have access to it anytime they want.
The RCBC ePiso can be used for faster exchange of payments for businesses and save on disbursement, transportation, collection and sending payment costs.