The country’s e-payment transactions surged by 129 percent to P5.5 trillion in just three months or as of end-March this year from P2.4 trillion at the close of 2020, according to Philippine Payments Management Inc. (PMMI) chairman Justo A. Ortiz.
“The running rate from first quarter 2021 data is
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April 30, 2021 | 12:03 am
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THE COUNTRY continues to see growth in digital payments a year into the pandemic crisis, and this could gain more momentum amid government initiatives, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.
“In March this year, the combined volume and value of PESONet and InstaPay fund transfers reached 39 million and P552.3 billion, respectively,” Mr. Diokno said in a virtual briefing on Thursday.
“Volume increased by 369% and value by 184% compared to figures posted in March 2020, or a year since the pandemic’s outbreak,” he added.
Under the National Retail Payment System of the BSP, PESONet is the electronic fund transfer service that handles batch fund transfers for amounts beyond 50,000 which is credited to the receiver’s end by the end of a banking day. Meanwhile, InstaPay is its retail counterpart which facilitates payments lower than P50,000 that can be transferred in real time.
Calamba City Mayor Justin Marc SB. Chipeco and LANDBANK Calamba City Hall Branch Head, Assistant Vice President Anna Marie L. Mundin, signed two (2) Memoranda of Agreement (MOA) for the use of LANDBANK’s Branch Online Collection (OnColl) Facility and electronic payment channel Link.BizPortal on March 23, 2021.
CALAMBA CITY, Laguna, April 12 The City Government of Calamba is tapping the services of the Land Bank of the Philippines (LANDBANK) to provide its constituents more convenient and safe additional payment channels to settle local government fees.
Calamba City Mayor Justin Marc SB. Chipeco and LANDBANK Calamba City Hall Branch Head, Assistant Vice President Anna Marie L. Mundin, signed two (2) Memoranda of Agreement (MOA) for the use of LANDBANK’s Branch Online Collection (OnColl) Facility and electronic payment channel Link.BizPortal on March 23, 2021.
BSP received 20,000 financial cybercrime complaints last year
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The Bangko Sentral ng Pilipinas (BSP) said in a virtual briefing last Thursday, March 4, that its Consumer Protection and Market Conduct Office received about 20,000 complaints for financial cybercrime last year.
Photo credit: BSP
Diokno said around 13 percent of these complaints involved fraudulent or unauthorized transactions of various financial products and services like deposit, credit card, electronic money, and remittance.
“We think that the volume of complaints we received is an indication that more people are now more aware of the BSP’s consumer assistance mechanism,” he said.
Diokno said the “complaints were referred to in the respective financial institutions for appropriate handling and response.”
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