At the same time, the BSP said it will also “recalibrate” its approach in handling applications from non-bank institutions for new EMI (electronic money institution) or e-wallet licenses.
The Bangko Sentral ng Pilipinas (BSP) said it is eyeing offline digital payment solutions to enable transactions without the need for Internet connection in an effort to boost financial inclusion in off-grid areas.
The central bank said using digital money as an alternative means of giving cash gifts is highly recommended to reduce physical contact and virus transmission between giver and receiver.
Much of these initiatives were implemented or initiated under the late BSP governor Nestor Espenilla, who vigorously pushed for the adoption of digital payment systems such as e-wallets and online banking.
Independent ICT policy researcher Grace Mirandilla-Santos said the IRR contains some very good provisions that underline the important role of satellite in the digital infrastructure ecosystem.
To receive payments, merchants only need to print QR codes to obtain payments by asking their customers to scan the code without necessarily getting connected to the Internet.
The BSP upheld the cease-and-desist order (CDO) issued against Digital Spring on July 23, 2021, reiterating that Lyka and not Digital Spring should register as Operator of Payment System (OPS) with the BSP.
The Bangko Sentral ng Pilipinas (BSP) said the emergence of digital banks can be a game-changer on the delivery of financial products and services from traditional brick-and-mortar banks.
The BSP and payments industry are also collaborating on implementing the PesoNet Multiple Batch Settlement (MBS) by year end; establishing an interoperable bills payment facility by early 2022; and rolling out the request-to-pay facility by Q2 2022.
