Diskartech’s Taglish Digibank App Sees 8 Downloads by Filipinos Every Minuteby Fintech News Philippines July 23, 2020
Barely three weeks after its launch, more unbanked and underserved Filipinos are now downloading the country’s first and only Taglish inclusion super mobile app, DiskarTech. Taglish refers to the Philippine language Tagalog infused with American English terms that has been widely used by Filipinos locally and abroad.
New registrants to this digital savings account have already breached 100,000 users as it invites over 50 million adult Filipinos who still do not have bank account to join the formal financial system.
A Taglish interface for easier understanding of processes and financial concepts by new-to-bank clients and non-requirement of opening deposit amount and maintaining balance allow wider enrolment.
“At this rate, we anticipate to hit one million downloads of the DiskarTech app before year end,”
said Lito Villanueva, executive vice president and chief innovation and inclusion officer of Rizal Commercial Banking Corporation (RCBC).
“We see usage steadily spreading across the country as we continuously improve our services and introduce new features every month,”
Most signups are found outside Metro Manila at 70 percent. With female users and those between 20-40 age range comprising bulk of enrollees at 61 percent and 80 percent, respectively. Registered users have come from all 17 regions in the country including Bangsamoro Autonomous Region in Muslim Mindanao.
In a social media post by BSP Governor Benjamin Diokno, “Recent events have forced many of us to the digital realm—financial services included. We can leverage on this development to achieve our financial inclusion goals. This is what DiskarTech does as the country’s first “Taglish” app. It provides sachet banking services to unbanked and underserved Filipinos. I highly encourage everyone to download it!”
This is what @diskartech does as the country’s first “Taglish” app. It provides sachet banking services to unbanked and underserved Filipinos.
The BSP supports all financial inclusion initiatives as we endeavor to bring central banking closer to the people.
— Benjamin Diokno (@GovBenDiokno) July 23, 2020
DiskarTech app users with basic deposit accounts enjoy 3.25% interest on their savings and are insured with the Philippine Deposit Insurance Corporation. Incentives are also earned through successful referrals.
The super app is packed with essential financial services which include fund transfer to other DiskarTech account, purchase of electronic load and gaming pins, bills payment to major billers and government services through Bayad Center, accessible cash-in touchpoints in agent partners nationwide, and cash-out through cardless withdrawals in RCBC ATMs.
DiskarTech users can do cash-in through 7-Eleven branches and fund transfers to and from more than 30 banks and mobile wallet providers through InstaPay which will also be available by the end of the month.
Among the innovative features of DiskarTech for the new normal is the telemedicine function where DiskarTech users can avail of the COVID-19 Care Package from iDoc for only P799 annually for 15 months. Subscribers can avail of unlimited consultations with any of the partner clinic’s licensed doctors and medical professionals via phone or email.
The app’s telemedicine feature also comes with online health records which users can access to track their health conditions. The telemedicne package can also be used to request for electronic medical prescriptions and laboratory referrals.
More services will be introduced in the next updates, including loans, microinsurance and a skills marketplace for enterprising Filipinos to help promote their businesses.
Under the digital payments transformation roadmap 2020-2023, the BSP has committed to achieve at least 50 percent of retail payment transactions shifted to digital and 70 percent of adult Filipinos having and using a transaction account.
Latest data from the Better Than Cash Alliance showed the share of digital payments to total transaction increased to 10 percent in 2018 from one percent in 2013 in terms of volume and to 20 percent from eight percent in terms of value.
Likewise, the data on financial inclusion released by the World Bank showed only 34.5 percent of Filipinos 15 years old and above have a formal bank account as of 2017.
DiskarTech is a digital product of RCBC and is available for free download via the App Store on iOS devices and Play Store on Android devices