RCBC DiskarTech, Pulz Apps Support Paper-Based PhilSys IDs for Account Openings

By Fintech News Philippines

Rizal Commercial Banking Corporation (RCBC) and its Tagalog-English financial inclusion super app DiskarTech has recognised the legitimacy of paper-based PhilSys IDs, providing essential banking services to a considerable segment of the underbanked population and supporting financial accessibility in the process.

Approximately one-third of DiskarTech account registrations have utilised these paper-based PhilSys IDs, which are equipped with QR codes. This initiative ensures that, even without the sturdier plastic national IDs, countless unbanked and underserved Filipinos can maintain uninterrupted access to fundamental financial services.

The bank says that both RCBC DiskarTech and Pulz mobile apps accept a broad spectrum of identification documents for opening accounts, which besides PhilSys IDs include (but are not limited to) LTO driver’s licenses, passports, IDs from the Professional Regulations Commission, Social Security System, Government Service Insurance System e-card, Postal IDs, PhilHealth, Pag-IBIG HDMF, Senior Citizen Cards, IDs for Persons with Disabilities, and Seaman’s Books.

Additionally, the inclusion of the Quezon City ID for account applications underscores RCBC DiskarTech’s commitment to wider financial inclusivity, providing services such as cash withdrawals, deposits, bill payments, microinsurance, and loan applications.

According to RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva, this approach aligns with the mission of the Bangko Sentral ng Pilipinas to enhance financial inclusion across the country, particularly in rural and remote areas.

“In the past, the absence of suitable IDs prevented millions from opening basic deposit accounts. This initiative is a significant step towards maintaining our pace as one of the fastest adopters of digital finance and supporting the expansion of the digital economy and e-commerce ecosystem.”

The bank’s efforts have successfully connected rural and remote Filipinos with formal banking services and have contributed to its status as one of the fastest-growing banks in the country, and has been recognised for its efforts by being named as the Best Bank for Digital by Asiamoney for four consecutive years.

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