RCBC mobile point of sale helps disburse millions in CCT funds to far-flung areas
To further promote the thrusts of the Bangko Sentral ng Pilipinas (BSP) on National Retail Payments System and National Strategy for Financial Inclusion, Rizal Commercial Banking Corporation (RCBC) has been making it more convenient for millions of household beneficiaries to claim their cash grants under the government’s Pantawid Pamilyang Pilipino Program (4Ps).
As a poverty reduction and social protection program of the national government through the Department of Social Welfare and Development (DSWD), 4Ps provides cash benefits to over 4.4 million household beneficiaries who are classified as poor and vulnerable, for a maximum of seven years, to improve their health, nutrition, and access to education.
RCBC's Cash Express is the country's first neighborhood ATM which enables RCBC and Bancnet cardholders to do regular banking transactions through sari-sari stores, drugstores, rural banks, cooperatives, microfinance institutions, or any accredited conditional cash transfer (CCT) payout conduit nationwide.
Instead of traveling far to transact with a bank branch or ATM, Cash Express makes it easier and more convenient for Filipinos to do their transactions at partner centers and merchants, right in their own communities.
“Cash Express is a convenient way for 4Ps beneficiaries to get the cash they need to fulfill the conditions set by the government program. By bringing ATM services closer to their communities, they don’t have to spend so much money or time traveling to where the nearest bank or ATM is located,” said Lito Villanueva, RCBC Chief Innovations and Inclusion Officer.
Using prepaid or debit ATM cards issued by any bank or mobile money operator, a customer can do cash-out, cash-in, balance inquiry, bills payment, fund transfer, and airtime load. These functions are similar to any brick-and-mortar ATM found in areas with high population densities.
The RCBC Cash Express is a mobile point-of-sale (MPOS) system which uses a smartphone or tablet and a credit or debit card reader to wirelessly offer reliable, convenient and cost-effective ATM services to the unbanked and underserved sectors of society, including 4Ps beneficiaries.
To withdraw their cash grants, 4Ps beneficiaries can simply go to any RCBC partner merchant and swipe their ATM card in the MPOS terminal. The merchant will provide the cash from his counter which will be credited to the settlement online and in real-time.
To date, RCBC has a network of almost 2,000 Cash Express terminals nationwide. With the help of RCBC Cash Express, majority of rural banks, cooperatives and microfinance institutions who cannot afford to invest in brick-and-mortar ATMs, will soon be able to bring the same ATM services closer to their respective clientele, even in far-flung communities without making a huge investment.
A 4P’s beneficiary uses her ATM card to withdraw cash at an RCBC Cash Express makeshift counter.
For more Tech Lifestyle News and Features Visit us at Techbeatph.com
, and visit and subscribe to our YouTube Channel here
Share and Enjoy