The Bangko Sentral ng Pilipinas (BSP) has warned the public to be vigilant against fraud perpetrated through unsolicited emails or text messages with links that redirect the mobile user to highly suspicious websites.
The value of digital payments in the country, meanwhile, represented 44.1 percent of total retail payments in 2021, up from the 26.8 percent recorded a year earlier.
The BSP urged banks instead to personalize SMS messages and emails for banking services and implement mandatory notifications for fund transfers exceeding a predefined amount.
The use of EGov Pay, a system that allows digital payment for government services, jumped by 467 percent to over 91,000 transactions at end-2021 from around 16,000 transactions a year earlier, according to the Bangko Sentral ng Pilipinas (BSP).
The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc., (PPMI) said they will launch “Bills Pay”, “Request to Pay”, and “Direct Debit” facilities.
The Bangko Sentral ng Pilipinas (BSP) said it is exploring applications of machine learning (ML) techniques, particularly in the areas of natural language processing, nowcasting, and banking supervision.
According to financial website Investopedia, central bank digital currencies are digital tokens, similar to cryptocurrency, issued by a central bank. They are pegged to the value of that country's official currency.
The Bangko Sentral ng Pilipinas (BSP) and the Alliance for Financial Inclusion (AFI) have jointly launched the “Agent Registry for Cash Agents”, a project that seeks to reinforce the BSP’s twin goals of financial inclusion and payments digitalization.
The BSP said it is crafting rules that will allow banks and e-wallet firms to establish a digital marketplace where they can partner with financial service providers to offer of financial products and services under a one-stop-shop platform.
