digital payments

The House Committee on Banks and Financial Intermediaries chaired by Manila representative Irwin Tieng approved on Tuesday, Feb. 14, two bills seeking to promote the adoption of digital payments for financial transactions.

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 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 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.

All first-level courts nationwide can now accept payments for small claims through the Fortune Pay mobile app.

BSP governor Benjamin Diokno said Lyka executives have expressed their willingness to register the company with the central bank.

With the initiative, DBP will now be able to provide PayMaya's end-to-end digital payment solutions to its partners in the public sector.

The BSP said a turning point in the country’s digital transformation journey is the National QR Code Standard or QR PH, which leverages on the efficiency and affordability of the QR technology.

Through the partnership, JustPayto users will offer an array of payment options via Visa or Mastercard, bank transfer, over-the-counter, or other e-money services.

The BSP said around 13 percent of the complaints involved fraudulent or unauthorized transactions of various financial products and services like deposit, credit card, electronic money, and remittance.