Data from the Bangko Sentral ng Pilipinas showed that transactions using PesoNet and InstaPay visibly increased compared before the lockdown due to restrictions in movement of people outside of their houses.
BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”
The BSP and several payments industry players also launched a program called QR PH, which is eyed not only to increase e-payments, but also to secure payment transactions.
The standard, the BSP said, is necessary for ensuring interoperability of QR-enabled payment and financial services, noting that QR technology has emerged as the most convenient and cost-efficient means of moving funds from one account to another.
Under the MOA agreement signed between the BSP and the PSA, the central bank will produce within three years 116 million blank cards that will have security features that are said to be are better than those used in making passports.
Under the Lending Company Regulations Act, investors or entities that offer money for lending as a business need to incorporate and register with the SEC, while the BSP also has jurisdiction over lending firms because of its power to supervise activities like “credit granting,” which is essentially lending.
