Local bank RCBC has announced that its much-touted “super app” DiskarTech is pulling ahead of the company’s target number of downloads. With the app’s current download rate, it is now expected to reach eight million by the end of 2020 — a target number planned for mid-2022.
While a majority of the features found in different local mobile wallets remain to be seen in DiskarTech, the mobile app has steadily added a number of new features since its release. Recently, the app 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 embraced by the public. In fact, as 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 RCBC.
The main attraction point of the DiskarTech application is its high interest rate of 3.25% per year on savings. It comes with a built-in digital savings tracker where users can set financial goals and determines how much to save to reach the target. It has also partnered with telehealth provider iDoc to provide off-site medical consultation subscriptions and Malayan Insurance for micro-insurance products.
In compliance with eKYC (electronic know-your-customer) requirements from the Bangko Sentral ng Pilipinas, the app requires verification through OTP (one-time passord), ID scanning, and real-time selfie capture to turn digital savings account into deposit accounts. The entire process takes about 3 to 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 top spot in Google Play’s list of top free finance apps. The ‘Taglish’ mobile wallet 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%.
