#digital payment

Promotion of Digital Payments Act Bills concerned: House Bill No. 2455 Status: Approved by House (March 2021), Pending in Senate Committee level (August 2020) Possible effects on tech: National and local government, as well as government-owned and -controlled corporations (GOCCs) are mandated to adopt safe and efficient digital means of receiving payments. Merchants may also be required by local government units (LGUs) through ordinance to adopt digital payment mechanisms. In addition, promotion on financial and digital literacy shall also be undertaken along with laying down a framework for incentives to encourage the adoption of digital payments. 2022 that mandates government agencies to adopt digitalization of payments, with a timeline placed at six months after the creation of the implementing rules and regulations (IRR) for full implementation. A partnership between CIS Bayad Center, Inc., also known as Bayad, the nation’s biggest and widest multi-channel payment platform, and the Philippine National Bank, the fifth largest bank in the country in terms of total assets, was recently concluded to make it easier for Filipinos to settle their payments electronically. In a virtual signing of the memorandum of agreement, the two companies forged a partnership that would allow Meralco postpaid customers to pay their bills digitally and in real-time through the PNB Digital App. Read more in our articles including "New Economic Reform Bills: Impact on PH Tech" and "Bayad and PNB push for easier digital payments with partnership".