RCBC Introduces Tap-to-Phone for MSMEs in partnership with Soft Space

This made RCBC the first commercial bank in the Philippines to introduce this technology. The new service, RCBC Tap-to-Phone, enables micro, small, and medium enterprises (MSMEs) to accept card payments using Android smartphones with NFC capabilities. 

SoftPOS, or Software Point-of-Sale, allows merchants to process transactions without traditional payment terminals by converting NFC-enabled mobile devices into secure payment acceptance points. Through RCBC Tap-to-Phone, businesses can accept Mastercard and Visa payments, whether credit, debit, or prepaid, and generate QR codes as electronic receipts.

Expanding digital payment access for MSMEs 

RCBC officials stated that the initiative aligns with the bank’s objective of providing cost-effective and accessible digital payment solutions to MSMEs across the country. The Tap-to-Phone service is powered by Soft Space’s Fasstap technology, which supports major mobile operating systems and a wide range of local and international card networks. Fasstap has been deployed in industries such as financial services, logistics, public transportation, and food and beverage. 

Soft Space representatives highlighted the significance of MSMEs in the Philippine economy, noting that they account for nearly 99% of all businesses in the country. They emphasised that the collaboration with RCBC, under the investment framework of Sumitomo Mitsui Banking Corporation (SMBC), aims to strengthen support for small and medium enterprises.

Other noteworthy developments from Soft Space 

In April 2024, Soft Space collaborated with Japan-based international payments brand JCB to launch a payment gateway in Malaysia. This development represented a forward in the strategic partnership between Soft Space and JCB, initiated in January 2022, following their CBDC trial in December 2023 and an agreement to enable JCB acceptance for all HLB merchants.  

The JCB payment gateway JCB’s global network and Soft Space’s technical capabilities to cater to the increasing demand for secure digital transactions. Soft Space offers an API specification allowing acquirers and payment facilitators to grant retail merchants access to JCB’s network without a direct connection, serving millions of card members.