MANILA - Rizal Commercial Banking Corp said Wednesday it launched a first of its kind digital money in the Philippines, promising easier and more secure transactions.

Stored in a digital wallet and managed through a smartphone app, the ePiso cannot be lost, stolen or counterfeited, unlike bills and coins, the country's 10th largest bank in terms of assets said.

"The digitization of the peso aims to help Filipinos have easier access to financial services no matter where they are," RCBC said in a statement.

Consumers need to convert their physical money into digital at RCBC's partner merchants, including sari-sari stores, the bank said. It partnered with eCurrency Mint for the venture.

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Telecommunications firms have led the country in tapping mobile phones as a gateway for financial transactions.

Globe Telecom's Mynt partnered with Chinese billionaire Jack Ma for the scan-to-pay service GCash while rival PLDT Inc has PayMaya.

Unionbank has been leveraging blockchain technology. It partnered with VISA for payment solutions and is using blockchain to connet rural banks.

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