RCBC's Innovative Tap-to-Phone App: A Game Changer for MSMEs
Discover how RCBC's Tap-to-Phone app is revolutionizing cashless payments for MSMEs.
In a significant stride towards digital financial inclusion, the Rizal Commercial Banking Corporation (RCBC) introduces the revolutionary ‘Tap-to-Phone’ app, redefining how micro, small, and medium enterprises (MSMEs) handle cashless transactions. With just a smartphone, businesses can now turn their devices into powerful payment terminals.
Utilizing NFC Technology
Harnessing the power of near-field communication (NFC) technology, RCBC’s Tap-to-Phone app simplifies the payment landscape for MSMEs. This cutting-edge solution eradicates the need for traditional point-of-sale systems, streamlining operations for small business owners.
Easy Onboarding and Support
Entrepreneurs can seamlessly enroll online through RCBC’s Merchant Onboarding platform, followed by setting up the app on their smartphones. With RCBC branches and training sessions on hand, business owners are never left to navigate this transformation alone, ensuring smooth transitions.
Multiplying Benefits for Merchants
Beyond merely accepting cashless transactions, the app endows businesses with electronic receipts via QR codes, quicker settlement processes, and an accessible merchant portal for accounting tasks. With continuous 24⁄7 customer support, RCBC stands by its merchants at each step.
Financial Inclusion and Growth
RCBC’s president and CEO, Reginaldo Cariaso, highlights this leap as a groundbreaking effort to usher MSMEs into the formal economy. “The RCBC Tap-to-Phone app acts as a beacon for small businesses, illuminating their path to growth, efficiency, and superior service,” shared Cariaso during the app’s official launch, in a collaboration with Mercato Centrale.
No Barriers to Banking
What’s more? An RCBC account is not mandatory for adopters of this service. Payments can be seamlessly processed through RCBC or other banks, broadening the service’s accessibility. Provided services are free of charge during onboarding, with only a fixed Merchant Discount Rate (MDR) applicable to transactions.
Future Prospects
The Tap-to-Phone app embodies RCBC’s vision not just to strengthen MSMEs but to accelerate the overall adoption of digital payments in the Philippines. As claimed in Newsbytes.PH, this might be the linchpin in intertwining technology with traditional market practices, fostering an ecosystem of innovation.
In conclusion, this innovation by RCBC can potentially unlock new horizons for small-scale industries, propelling them towards sustainable success in an ever-evolving digital economy.
