The Rizal Commercial Banking Corporation’s (RCBC) all-in-one ‘super app’ DiskarTech has been announced that, based on its recent performance in terms of downloads, is pulling ahead against the company’s initial target user growth. The current download run rate of the platform is revealed to reach eight million by the end of 2020, a target number planned for mid-2022.
While a majority of the features found on different local mobile wallets remain to be seen in DiskarTech, the application has been subjected to regular feature releases since its inception. Yesterday, the app has officially launched its micro-insurance feature, a sachet insurtech service meant for delivery riders with a minimum price of P20.
“Because of the warm reception given to us by the public despite having so many mobile apps available in the market right now, given the fact that the market is very congested and saturated, DiskarTech was able to be embraced by the public. In fact, since we will be hitting two million downloads this week, based on run rate we might be reaching eight million downloads by year-end,” said Lito Villanueva, EVP and chief innovation and inclusion officer of DiskarTech.
The main attraction point of the DiskarTech application is its high interest rate of 3.25% per annum on savings. It comes with a built-in digital savings tracker where users can set financial goals and the app determines how much to save to reach the target, a partnership with telehealth provider iDoc for off-site medical consultation subscriptions, and micro-insurance products like its new Malayan Insurance integration.
In compliance with eKYC requirements from the Bangko Sentral ng Pilipinas, the app requires verification through OTP, ID scanning, and real-time selfie capture to turn the digital savings account into a deposit account. The entire process takes about 3-5 minutes, with verification and confirmation taking up less than a minute.
As of August 7, the app had 1.3 downloads per second and claimed the number one spot on Google Play’s list of top free finance apps. The ‘taglish’ mobile wallet just recently added withdrawal limits on transactions made with Bayad Center, QR functionality for transferring funds to other DiskarTech users, an adjusted merchant list, and a redesign of its home screen.
The company also reported its monthly active user rate which is now at 70%, with cash deposits and telco load purchases as the most frequent transactions made. A 36.6% majority of its users are located in NCR, followed by region IV-A (27%) and III (14.6%). A high 60% of the user base are aged between 21 to 30 while the 31 to 40 age group is around 25%.