#Digital payment security

The Philippines and the European Union (EU) are working together to improve digital connectivity, strengthen cybersecurity, and expand access to satellite data under a new initiative aimed at supporting economic growth and disaster resilience. The central bank also emphasized that digital payment fees are expected to be lower than charges for manual or over-the-counter transactions because electronic channels are generally more efficient and cost-effective to operate. The BSP said the new framework supports its broader goal of promoting digital payments, financial inclusion, and innovation while ensuring adequate consumer protection and regulatory oversight. The BSP said the updated rules aim to create a more sustainable pricing environment for digital payments while ensuring consumers continue to have access to fast, secure, convenient, and affordable electronic fund transfer services. 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. Read more in our articles including "BSP issues e-wallets to unlink from online gambling sites" and "Safeguarding e-Commerce Through Stakeholder Collaboration".