DAVAO CITY—The Rizal Commercial Banking Corp. (RCBC) announced it has addressed common challenges, including risks to scammers, that are related to automated teller machine (ATM) transaction by adapting the QR code system.
“RCBC has emerged as a trailblazer in digital banking by introducing a groundbreaking [method],” the lender’s statement read. “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.”
The lender said it considers the QR code method an innovative solution that “addresses the longstanding challenges associated with traditional ATM transactions.”
The bank explained integrating the QR-code system into its ATMs “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,” it added.
The 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 percent, extending ATM longevity. Faster transactions and reduced maintenance benefit more cardholders,” it said.
It said the quick spread of information on the advantages offered by QR withdrawal transactions led to an increasing number of RCBC cardholders opting for the method, resulting in decreased use of physical cards.
Consequently, the lender said, “issues like unreadable EMV chips and lost cards have seen a decline.”
RCBC said its 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.
