PH Digital Transaction Targets are Achievable
Paymaya said further that digital payments must become better than cash and that consumers must have a more rewarding experience.
Paymaya said further that digital payments must become better than cash and that consumers must have a more rewarding experience.
It appears that long-term OFWs have immensely helped in supporting the growth of personal remittances in the country, as the records show that money influx from land-based OFWs with one year or more work contracts grew by 3.6% to $23.1 billion.
IMF suggested that these data be aggregated and collected on a quarterly basis, on gross transactions, indicating the country of origin and destination of the funds transacted.
The BSP now issues Memorandum No. M-2019-028 – Preventive Measures Relevant to Illegal Investment Activities or Schemes – instructing banks, non-bank financial institutions, and BSP-supervised businesses to adopt a risk management system to “identify, detect, prevent, and mitigate risks” that will arise from these illegal activities.
For the first 9 months, the recorded inflow is $22.2 billion for cash remittances versus US$21.3 billion within the same period last year.
According to the BSP, the operational requirement is much lower than investing in point-of-sale terminals and electronic data capture equipment required for card-based payment transactions.
The regulator further said that cash remittances coursed through banks have also increased.
In a speech during the Finance Executives Breakfast Roundtable at the Grand Hyatt Hotel BGC, Sec. Diokno emphasizes the 3 principles that shape how the BSP regulates fintech.
BSP has a firm target – raise the percentage of digital payments to 20% in 2020 compared to just 1% in 2013.
The Senators admitted that due to the complexity of the subject matter, the recommendation is not to rush drafting a law, but to create a task force composed of the following agencies to study the field.