Bengaluru, India – October 20, 2024 – AGS Transact Technologies Limited, a leading provider of integrated omni-channel payment solutions in India, announced today that the Philippines’ largest bank-agnostic mobile ATM network, RCBC ATM Go, has achieved significant growth. The network, deployed by Rizal Commercial Banking Corporation (RCBC) and powered by AGS Transact’s international group company, Novus Technologies Pte. Limited, has seen a 50% increase in revenue and a 31% rise in gross transaction value as of August 2024 compared to the previous year.
The number of deployed terminals and merchant partners also surged by 113% and 150% respectively, reaching US$ 132.1 million (PHP 7.5 billion) in value by August 2023.
RCBC ATM Go, the Philippines’ first bank-agnostic, last-mile, and community mobile ATM, provides financial services such as cash withdrawals and deposits, bank transfers, account management, e-load purchases, and bill payments. The network boasts 100% nationwide coverage, reaching 96% of cities and 51% of municipalities, significantly benefiting over 10 million families. Notably, 60% of transactions are conducted by rural women in geographically isolated and underserved areas.
The partnership between RCBC and Novus Technologies has proven instrumental in driving financial inclusion in the Philippines. RCBC, the only private universal bank present in all provinces of the Bangsamoro Autonomous Region in Mindanao, has witnessed over 90% of ATM Go transactions originating from rural communities, with 68% of users being rural women.
AGS Transact Technologies, through its international group company Novus Technologies, earns revenue from a monthly fixed fee and transaction fee model. Novus Technologies’ secure and robust technology stack ensures reliable access to financial services even in remote areas. The platform’s seamless integration with RCBC’s core systems enables real-time transactions, further promoting financial inclusion.
RCBC ATM Go has received multiple accolades for its impact, including the Best ATM Project in The Asset Triple A Digital Awards 2024 and Best SME Financial Inclusion Initiative in The Digital Banker – Global SME Banking Innovation Awards.
Disclosure: This content has been generated with the assistance of artificial intelligence. While efforts have been made to ensure accuracy, the AI-generated content may not fully reflect human expertise or judgment. Please consider this as you read, and consult additional sources for critical information.