BSP 29th Anniversary Special Issue: Building the Nation's Road to Recovery 'Ensuring a safe, efficient, and reliable payments and settlements system'
tool for effective implementation of monetary policy, and for smooth functioning of money and capital markets.
Aside from allowing transmission of useful transaction details along with payments, the adoption of ISO 20022 enhances the interoperability of the country’s RTGS with the payment systems both onshore and offshore. Since the pandemic started, there has been a sustained rise in the adoption of digital payments in the Philippines. The latest e-payments measurement report showed that as of end-2021, the share of monthly digital payments volume rose to 30.3 percent from 20.1 percent in 2020. The value of digital payments in the country represents 44.1 percent of total retail payments in 2021—close to the BSP’s target of converting at least 50 percent of retail payments to digital form by the end of 2023.
For participating banks and e-money issuers, this allows better risk management as settlement of transactions are spread into two cycles within a banking day. On the other hand, businesses benefit from shorter clearing intervals, which enable them to manage cashflows better. Following the successful pilot launch of the Digital Tax Payment Service using PESONet on 15 August 2019, the BSP approved the onboarding of other government agencies and other payment systems providers to the digitalization of government collections.
Digital banks are seen helping accelerate financial inclusion. They have the capacity to deliver financial services to unbanked and underserved individuals and businesses. Digital banks may offer financial products and services through cash agents and other qualified service providers that are located closer to customers to facilitate cash-in/deposit and cash-out/withdrawal services, fund transfers, bills payment, as well as other ancillary services.
The National QR Code Standard dubbed “QR Ph” was launched in November 2019, with the Person-to-Person use case made available first, followed by the Person-to-Merchant in 2020. QR Ph P2M’s main feature is interoperability, as it enables the transfer of funds across different participating payment service providers. Customers with accounts in participating banks and electronic money issuers can pay for their purchases via the QR Ph P2M with more than 20,000 merchants in over 30,000 locations.
In 2021, the BSP started to tackle the challenges of cross-border payments, which include high costs, low speed, limited access, and insufficient transparency. The target beneficiaries are overseas Filipinos, businesses in the tourism, export, import, and e-commerce industries, as well as firms receiving financial support from their global institutional investors and affiliates abroad.
The first fruit of these dialogues is the signing of the enhanced BSP-MAS FinTech Cooperation Agreement in November 2021, which kicks off the development of the linkage of Philippines’ InstaPay with Singapore’s PayNow. Another outcome is the expression of a clear intention by the BSP and BNM toward linking InstaPay with Malaysia’s DuitNow.
Moreover, the use of polymer is said to reduce expenses on banknote issuance by 40.0 to 60.0 percent. In addition, polymer banknotes have a smaller carbon footprint and lower water and energy usage. Its recyclability enables polymer banknotes to have more than one life cycle. Thus, the materials can be kept within the economy indefinitely and used productively, creating further value.
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