#digital payment innovations

The BSP's move comes as part of its broader efforts to encourage Filipinos to adopt digital payment methods and reduce reliance on cash. The BSP has already seen significant progress in this area, with the share of digital payments in total retail transactions increasing to 52.8% in 2023 from 42.1% in 2022. The proposed measure aims to create a nationwide digital payments system for transactions with the government and between private groups. The bill seeks to expand the use of digital payments in the country. Tinio said the bill does not clearly state who can access transaction data once digital payments become more common. Visa and GoTyme Bank have entered a multi-year partnership aimed at accelerating the adoption of digital payments in the Philippines, South Africa, and future Southeast Asian markets. Both companies said the collaboration is geared toward strengthening secure, seamless, and inclusive payment systems in emerging markets where digital transactions continue to rise. The companies said the expanded partnership will focus on improving the overall digital payment ecosystem, supporting small businesses, and offering consumers more secure and convenient ways to transact locally and internationally. Read more in our articles including "BSP eyes zero-fee electronic fund transfers, payments to MSMEs" and "House approves Digital Payments Bill on second reading".