RCBC commits to faster and safer withdrawals via QR Codes

The  Rizal Commercial Banking Corporation (RCBC) won the Philippines Technology Excellence Award for Digital - Banking in this year’s Asian Technology Excellence Awards.

Taking cash out of an ATM can be time-consuming and sometimes even unsafe, as ATMs are prone to exploitation by card skimmers, leaving customers’ savings open for malicious attackers.

RCBC has emerged as a trailblazer in digital banking by introducing a groundbreaking QR code-based ATM cash withdrawal system. This innovative solution addresses the longstanding challenges associated with traditional ATM transactions.

RCBC's QR code system has swiftly garnered recognition, notably winning the prestigious Philippines Technology Excellence Award for Digital - Banking at the 2023 Asian Technology Excellence Awards.

The conceptualisation of this innovation came amidst the inefficiencies and security risks inherent in conventional ATM withdrawals. These pain points have long hindered customer experiences, prompting the need for a transformative solution.

RCBC's QR code system ensures rapid, secure transactions, completing withdrawals in under three minutes—enhancing both security and efficiency. This method eliminates card exposure, reducing skimming and theft risk. Since implementing QR codes, ATM uptime has improved, transaction times have decreased, and offline incidents have fallen by 40%, extending ATM longevity. Faster transactions and reduced maintenance benefit more cardholders.

RCBC's recognition at the Asian Technology Excellence Awards 2023 underscores the profound impact of RCBC's approach to digital banking, setting a new standard for security, convenience, and efficiency in the industry.

Thanks to the advantages offered by QR withdrawal transactions, an increasing number of RCBC cardholders are opting for this method, resulting in decreased use of physical cards. Consequently, issues like unreadable EMV chips and lost cards have seen a decline. RCBC's QR code-based ATM cash withdrawal system not only addresses the limitations of traditional ATM transactions but also underscores the bank's dedication to delivering exceptional banking services and digitalised customer experience. 

The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at jane@charltonmediamail.com.