RCBC has teamed up with eCurrency Mint Ltd, a pioneer in digital fiat currency issuance and circulation, to create this new payment solution.

The e-Piso initiative is piloted under the Bangko Sentral ng Pilipinas’ regulatory sandbox initiative regulatory framework that allows financial technology (fintech) innovators to conduct live experiments in a controlled environment under regulators’ supervision.

The creation of the digital secured stored value supply is seen to start the transformation of the Philippine peso into a digital fiat currency.

RCBC ePiso is Philippine peso that is “securely digitised so it will not be lost, stolen or counterfeited, unlike physical bills and coins which are prone to security risks and fraud,” the bank said. This can be stored in a mobile wallet, a smartphone app which can be downloaded through Google Play, and will soon be available through the Apple Store.

“The digitisation of the peso aims to help Filipinos have easier access to financial services no matter where they are. Acquiring digital cash is very easy as users only need to go to sari-sari stores and accredited partners to convert their hard cash to ePiso digital cash for free,” RCBC said.

Through the mobile wallet, users can buy goods at partner retailers, pay bills, or send money to other ePiso users without the risk of theft or misplacing their money.

“With the mobile wallet, the ePiso is secured with password protection, on top of digital security layers, so the account owner is the only one who has access to his money. With ePiso, consumers can safely carry digital currency with them anywhere they go and have access to it anytime they want,” the bank said.

The e-Piso is also proposed to be a digital payment solution for businesses.

“It can be used for faster exchange of payments for businesses, big and small alike. RCBC ePiso can be also be used to save on disbursement, transportation, collection and sending payment costs. Essentially, the objective of RCBC is to make the business process cheaper so that goods and services can be delivered to every Filipino faster and at less cost,” RCBC said.

The ePiso supply creation was led by top RCBC officials led by president Gil Buenaventura in the presence of BSP officials.

“The creation of the ePiso supply is a testament to RCBC’s commitment to uplift the lives of Filipinos using digital technologies so they can reap the benefits of access to financial services and enjoy a convenient and comfortable lifestyle,” the bank said