Yuchengco-led Rizal Commercial Banking Corp. has launched RCBC Pay, a payments solution that allows RCBC Mastercard credit cardholders to make secure, contactless payments using their NFC-compatible Android smartphones.
RCBC Pay leverages advanced near field communication (NFC) technology, which allows credit cardholders to pay by tapping their Android smart phones and enjoy the benefits of their Mastercard, without needing to carry the physical card.
This innovation is set to transform the payment experience by offering a fast, convenient, and secure method of transaction, the company said.
Powered by Mastercard, RCBC Pay was developed and deployed by Thales, a global leader in payment technology and security.
“RCBC Pay represents our commitment to embracing digital transformation and enhancing the convenience for our customers. By collaborating with Mastercard and Thales, we are able to provide a secure and efficient payment solution that meets the evolving needs of today’s consumers,” Arniel Vincent B. Ong, president and CEO of RCBC Credit Cards, said.
Simon Calasanz, country manager at Mastercard Philippines, said the NFC infrastructure in the country is more prevalent now than before the pandemic.
He estimated that in the Philippines, pre-pandemic, the number of contactless transactions was single-digit but that 40 percent of transactions at present are already done using contactless technology.
“So we’re in discussion with other banks. You’ll see this becoming a more common payment method in the future and that demand is high,” he said.
He also said in Asia-Pacific, pre-pandemic, 1 in 3 transactions were being done on contactless. But right now, 2 in 3 transactions use contactless technology.
Among mobile users, the number is 1 in 4 transactions, he said.
“Thales is delighted to support RCBC and Mastercard in delivering RCBC Pay. Our advanced security technologies ensure that users can make contactless payments with confidence, knowing their transactions are protected by the highest standards of security,” Nassir Ghrous, vice president for banking and payment services in Asia, Middle East and Africa at Thales, said.
RCBC Pay is available to all RCBC Mastercard cardholders with NFC-enabled Android smartphones.
To start using RCBC Pay, cardholders need to download the RCBC Pulz app from Google Play, link their RCBC Mastercard credit card and begin making contactless payments immediately.
RCBC Pay is used by over 92 million Mastercard-accepting merchants in the world.
