A new industry outlook from Southeast Asian fintech platform Fiuu says the Philippines’ digital payments sector is shifting from rapid adoption to a stage defined by infrastructure reliability, interoperability, and regulatory compliance.
A Philippine digital payments startup backed by Chemonics International is emerging as a regional prototype for financial inclusion, as Southeast Asian regulators push for more interoperable and low-cost infrastructure.
This is up from 52.8 percent in 2023, according to the Bangko Sentral ng Pilipinas (BSP) in its "2024 Report on the Status of Digital Payments in the Philippines”.
To transform the digital payment landscape, digital payment firm Visa has introduced a suite of solutions aimed at enhancing digital payment experiences in the...
The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) are encouraging leaders of the labor and employer sectors to promote the use of safe and efficient digital wage payments.
Digital payment firm Visa has released its annual digital remittances adoption report, which revealed that the bulk of remittances to the Philippines was sent and received through digital platforms.
The share of digital payment transactions to total monthly retail payments in the Philippines grew from 42.1 percent in 2022 to 52.8 percent in 2023, according to the 2023 Report on E-Payments Measurement of the Bangko Sentral ng Pilipinas (BSP).
The Bangko Sentral ng Pilipinas (BSP) said it is bullish on the sustained rise of digital payment technologies in the country, saying that 50 percent of retail payments are now in digital format.
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.
