With the emergence of online transactions and wallets, it makes perfect sense that neobanks are also rising to the top. These are financial institutions that exist solely on an online platform, possibly with minimal to no physical presence at all. Tonik is an example of a neobank operating in the country that is officially recognized […]
The news is out. Grab, one of the last few online payment services in the country with free fund transfers, will begin charging next month. This announcement was made through a Facebook post earlier today, June 3. It specifically states that GrabPay transactions that involve InstaPay will soon be subject to a PHP 15 transfer […]
Some banks have postponed charging electronic transfer fees until the end of March, allowing customers to enjoy waived charges for interbank transactions. This is also to lessen in-person banking for the safety of their customers. Fund transfers to other banks may happen in either of these two channels. One is via InstaPay, which allows money […]
Heads up to all BDO online banking users: if you use an iOS device, use the new BDO Online app, as the bank will be retiring its old BDO Digital Banking app by March 12. The BDO Online app has been out for several months already, so we expect most–if not all–users to use it […]
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 […]
If you are one of the many people who had a hard time accessing their GCash account yesterday (September 4), the fintech platform explained that they acknowledged the problem. GCash assured everyone that their money is safe with them while they undergo upgrades to the app. While GCash is not specific as to what upgrades […]
PalawanPay, the e-wallet app of Palawan Pawnshop Group, has gained 10 million users in one year, making it one of the fastest-growing e-wallet apps in the Philippines. Aside from that feat, PalawanPay is the second most downloaded e-wallet app in the Google Play store and the 10th in the Apple store. Its growth is fueled by the app’s […]
A few days ago, GCash was in utter chaos when multiple users reported that there were unauthorized transactions made. GCash insisted that it was not hacked. Instead, GCash said that they were able to foil a hack attempt that involved transferring money–with some transactions as high as Php 50,000–into two bank accounts from EastWest Bank […]
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 […]
GoTyme Bank, a joint venture of an international digital banking group and the Gokongwei group, has officially formed partnerships today to secure its future within the space. This is with local banking network BancNet as well as Visa – one of the world’s leaders in digital payments. Together, this partnership aims to fulfill “untapped potential” […]
(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 […]
(UPDATE): Ellard Chua posted on his Facebook, saying that his name was used in one of the hacking incidents. In addition to that, Chua added that his account was compromised, losing over Php 50k in an unauthorized bank transfer to a Unionbank account allegedly belonging to Mark Nagoyo. Multiple BDO customers have allegedly been targeted […]