by Jan Michael Carpo, Reporter
Rizal Commercial Banking Corporation (RCBC) has just teamed up with fintech startup Cashmallow to introduce a cardless cash withdrawal service in the Philippines.
This partnership is designed to benefit visitors from South Korea and other international markets by offering them a seamless, efficient way to access cash during their travels.
RCBC partnership to allow users to withdraw cash sans a physical ATM card
Cashmallow, a fintech company specializing in innovative financial solutions for international travelers, has built its reputation with services like currency exchange and cardless cash withdrawals.
The company’s flagship products, MallowLink and the Cashmallow app, are designed to simplify and reduce the costs of accessing money abroad. This collaboration with RCBC takes the company’s offerings to a new level, enhancing the financial experience for tourists.
At the heart of this partnership is the integration of Cashmallow’s MallowLink platform with RCBC’s extensive ATM network in the Philippines.
Through this collaboration, users of MallowLink’s partner banks, such as South Korea’s Woori Bank, can now withdraw cash in Philippine pesos without the need for a physical ATM card.
By simply scanning a QR code generated through the Cashmallow app, travelers can access funds from 1,482 RCBC ATMs across the Philippines. This service is currently available to customers from South Korea and will soon expand to travelers from Hong Kong, Japan, and Taiwan.
Cardless service to eliminate high international transaction fees
Martin Tirol, Head of RCBC’s Transaction Banking Group, highlighted the convenience of this new service, emphasizing its benefits to international visitors. “This cardless service not only provides more competitive exchange rates but also eliminates high international transaction fees, making it a far more affordable and convenient option for foreign travelers,” Tirol said.
He pointed out that travelers can now access their funds in the Philippines with ease, avoiding the usual complexities and charges associated with traditional international banking services. Earlier this year, the bank also launched its groundbreaking RCBC Tap-to-Phone service in a move that is poised to dramatically reshape the landscape of small business transactions.
Beyond enhancing the travel experience for international tourists, the RCBC-Cashmallow partnership also aims to streamline remittance services, benefiting Filipino workers abroad who send money back home. With faster transactions and lower costs, the service promises to speed up money transfers to recipients in the Philippines, offering added security and efficiency.
For Filipino expatriates and their families, the integration represents a significant improvement in cross-border remittances. According to the companies involved, users will benefit from instant transfers, which not only reduce waiting times but also provide greater transparency and security compared to traditional remittance services.
Cashmallow’s ability to provide an easy-to-use, tech-driven solution to cross-border financial transactions makes it an attractive partner for RCBC, a bank known for embracing digital innovations.
Through this partnership, both companies are setting a new standard for international financial transactions, making it easier for travelers and migrant workers to access their money whenever and wherever they need it.
The collaboration is expected to have a wide-reaching impact, particularly for tourists and expatriates in the region. Travelers will benefit from the convenience of cardless ATM withdrawals located at major airports across the Philippines, significantly enhancing their experience. In addition, the service’s cost-saving features will resonate with budget-conscious tourists and those seeking a more efficient way to manage their finances while abroad.
Plans underway to extend service availability to more countries
As the service continues to expand, Cashmallow and RCBC plan to extend its availability to more countries, furthering their goal of creating a global financial ecosystem that works for travelers and remittance senders alike.
“This collaboration reaffirms our commitment to offering innovative banking solutions that enhance the travel experience for everyone, particularly South Koreans,” Tirol noted.
“By partnering with Cashmallow, we’re not just solving the typical pain points associated with international transactions—we’re creating a smoother, safer, and more affordable way for travelers to access funds, wherever they may be,” he added.
With more features on the horizon and the promise of expanding the cardless cash withdrawal service to a wider global market, the partnership between RCBC and Cashmallow marks a significant step forward in the evolution of fintech and cross-border financial services.
For now, international travelers visiting the Philippines can look forward to a smoother, more cost-effective journey, with easy access to cash and enhanced remittance options.