By Bankero
Rizal Commercial Banking Corp (RCBC) has waived transfer fees for millions of Social Security System (SSS) members using its digital banking platform, a move Finance Secretary and SSS chairperson Frederick D. Go said would support online payments and financial inclusion.
The initiative allows active SSS members, pensioners, and beneficiaries enrolled in the program to make unlimited InstaPay transfers through the RCBC DiskarTech app without paying transaction fees.
The program aims to lower transaction friction for state beneficiaries while supporting the government’s push to transition the cash-heavy economy toward digital payment channels.
“This initiative delivers real benefits to Filipinos. Every peso saved from free digital transfers is of additional value for SSS members while supporting our goal of accelerating digital payments and financial inclusion as envisioned by President Marcos Jr.,” Go said.
Since the platform’s launch in October last year, more than P2.4 billion in SSS benefits have been disbursed through the RCBC DiskarTech app, according to the Yuchengco-led lender.
“Close to ₱2.5 billion in SSS benefits have already been credited through RCBC DiskarTech accounts. By offering unlimited free InstaPay transfers, we are rewarding customer loyalty, helping members maximize every peso they receive, and making digital banking more accessible for millions of Filipinos,” RCBC executive vice president and Chief Innovations and Inclusion Officer Lito Villanueva said.
State pension fund officials said the digital infrastructure partnership will soon support digital loan releases for members.
“Our partnership with RCBC goes beyond benefit disbursement. It gives SSS members a safe, convenient, and affordable way to manage their finances while encouraging greater participation in the digital economy. And soon, this facility will offer SSS loans digitally,” SSS President and Chief Executive Officer Robert Joseph M. de Claro said.
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