RCBC transforms mobile phones to payment terminals for MSMEs

Merchants will be able to accept Mastercard and Visa card payments.

Rizal Commercial Banking Corporation (RCBC) has launched RCBC Tap-to-Phone, which aims to lower barriers for small businesses to access digital payments.

The RCBC Tap-to-Phone, developed with fintech-as-a-service (FaaS) provider Soft Space, will enable micro, small and medium (MSMEs) to transform their mobile devices into payment acceptance terminals.

Merchants will be able to accept Mastercard and Visa card payments be it credit, debit, or prepaid through their Android NFC smartphones. A QR code is generated as an electronic receipt.

Over 40% of the Philippine GDP— worth around $470b— are from MSMEs, according to data from the International Monetary Fund (IMF).

RCBC Tap-to-Phone is powered by Fasstap, Soft Space’s SoftPOST solution.

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