BSP is still confident that it can achieve 50% of transactions being cashless by the end of 2023: according to BSP’s latest study, around 42.1% of retail payments are already digital in 2022, and 4 out of 10 Filipinos already use eWallets. This corroborates with Visa’s 2023 Consumer Payment Attitudes Study, where around 50% of […]
Those who have lots of coins at home can convert them to shopping vouchers or deposit them to their e-Wallet accounts with the Coin Deposit Machines that BSP recently deployed in select areas. We were curious about how to use the BSP Coin Deposit Machine in person, so we tried the one at SM Mall […]
Do you have a bunch of coins lying around that you either 1) don’t want to use for paying goods or 2) would like to find a way to deposit them into your e-Wallet? The Bangko Sentral ng Pilipinas (BSP) has a solution to that with its Coin Deposit Machines. Made possible in partnership with […]
With all the controversy happening with financial app security lately, the Bangko Sentral ng Pilipinas (BSP) reminded e-wallet holders to stay vigilant. Here’s what the agency had to say. BSP Governor Felipe Medalla spoke to the press about the recent incident with GCash. For those who need a quick jog of their memory, this saw […]
With GCash being able to avert a potentially big crisis for them by foiling a large-scale hack attempt, the BSP is set to conduct its own investigation on the unauthorized transactions. BSP Deputy Governor for the Payments and Currency Management Sector Mamerto Tangonan has confirmed to GMA News that the recent set of unauthorized transactions […]
As the Philippines is catching up in making most transactions cashless, there has been much progress in this regard since 2020. While eWallets like GCash and Maya are widely used by Filipinos, on top of being able to manage their bank accounts online, there are still challenges that need to be addressed. Chief among these […]
As part of its efforts toward digitizing transactions, the BSP announced that they plan to launch the country’s first digital currency by the end of the year. Also known as central bank digital currency (CBDC), BSP’s proposal aims to help improve fund transfers between banks and non-bank financial institutions. “We are going to launch that, […]
Right before the year 2021 ended, a viral piece of financial news broke the internet: Bando de Oro (BDO) had been hacked, leading to losses for users. To sum it all up, there was an advanced phishing scam in place which managed to bypass security measures such as 2FA. Those who fell victim lost in […]
The Banko Sentral ng Pilipinas (BSP) just announced that it is crafting rules to establish a “digital marketplace” in the Philippines. “The BSP is crafting rules that will allow covered banks and EMIs to establish a digital marketplace where they can partner with FSPs to develop and offer a wide array of financial products and […]
It seems that cash dispensed from Automated Teller Machines (ATMs) aren’t always authentic. In fact, the Banko Sentral ng Pilipinas (BSP) has warned the public to inspect the bills every time they withdraw using ATMs. BSP wants the public to thoroughly inspect the banknotes for authenticity through the “feel, look, tilt.” This will serve as […]
(UPDATE) BDO issued a new statement, explaining that they are aware of the sophisticated fraud technique that was done to their system. Aside from requiring all of their users to change their passwords, they assure that they will reimburse the losses of affected clients. After multiple users reportedly lost large amounts of money to an […]
As PayMaya continues to expand its services beyond being an eWallet platform, the Fintech app was recently given the green light by BSP’s Monetary Board to establish a digital bank. Called Maya Bank, the new platform will further strengthen PayMaya’s goal of accelerating financial inclusion in the Philippines. Maya Bank’s main focus will primarily be […]