#NFC payments

The service lets users pay by tapping NFC-enabled Android devices, with more banks expected to join before the year ends. BSP data shows that digital payments made up 57.4% of retail transactions in 2024, exceeding government targets, while 97.2% of government payments are now processed electronically. According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. 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 platform has since expanded into a broader digital financial ecosystem offering payments, lending, and other financial services to consumers, merchants, and enterprise partners. The new service, expected to launch by the first quarter of 2027, will use Visa Direct, Visa's real-time payments platform, allowing BPI customers to send money overseas directly from the BPI app. Joel de Vera, BPI's head of strategy, products and support for institutional banking, said demand for secure, real-time, and affordable international payments continues to grow as more Filipinos engage in global activities. Read more in our articles including "Apple Pay may launch to the Philippines next year" and "Banks, e-wallets face new BSP rules on digital payment fees".