Rizal Commercial Banking Corp. (RCBC), led by the Yuchengco Group, has launched a digital payment solution for the country’s micro, small, and medium enterprises (MSMEs). On Monday, the bank unveiled its partnership with fintech-as-a-service provider Soft Space to introduce RCBC Tap-to-Phone, a SoftPOS (software point-of-sale) solution that enables businesses to accept digital payments effortlessly.
The RCBC tap-to-phone service transforms NFC-enabled Android smartphones into secure payment terminals, allowing merchants to process payments from Mastercard and Visa cards—be it credit, debit, or prepaid—directly through their mobile devices. This contactless payment system is complemented by the generation of a QR code as an electronic receipt, streamlining the transaction process for both businesses and customers.
RCBC’s initiative is a response to the growing demand for accessible and cost-effective digital payment solutions for MSMEs across the country. “We believe in partnerships that drive progress, and we remain committed to providing Filipino MSMEs with cost-effective and accessible digital payment solutions throughout the Philippines,” said Arniel Vincent B. Ong, RCBC’s Credit Cards President and CEO.
Powered by Soft Space’s flagship Fasstap SoftPOS solution, RCBC Tap-to-Phone supports a wide range of mobile operating systems and card schemes, enabling versatility across various industries. Soft Space’s Fasstap has already been adopted in over 15 industries, including airlines, logistics, and food and beverage, proving its potential to impact sectors nationwide.
Joel Tay, Soft Space CEO, highlighted the significant impact of this collaboration: “Close to 99 percent of all businesses in the Philippines—over 1.2 million—are MSMEs, so we’re excited about the transformative impact our partnership with RCBC can have.”
RCBC aims to bridge the digital payment gap for MSMEs, empowering them with the tools to drive growth and remain competitive in an increasingly digital economy.
