by Bankero
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) will offer unlimited free fund transfers through both the InstaPay and PESONet networks on its mobile banking applications, expanding its push to lower the cost of digital banking.
The bank said users of its RCBC Pulz and RCBC DiskarTech apps have been enjoying unlimited free person-to-person (P2P) transfers via InstaPay since last week.
Starting July 15, RCBC will extend the same benefit to PESONet, making it one of the few lenders in the country to waive fees on the two major electronic fund transfer networks simultaneously.
“Digital banking should be simple, affordable, accessible, and safe. By eliminating transfer fees across more payment channels, we continue to remove everyday friction and give customers greater value and confidence every time they bank with RCBC,” RCBC president and CEO Reggie Cariaso said.
RCBC said the move would allow customers to make unlimited P2P transfers through both networks, giving them greater flexibility to send money, pay bills, transfer funds, and manage both everyday and higher-value transactions without paying transfer fees.
The lender said removing charges across the country’s two largest electronic fund transfer services is aimed at encouraging wider use of digital payments and supporting financial inclusion.
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