Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

PESONet, InstaPay now ‘prominently important’

by
July 14, 2022
in Investing News
0
PESONet, InstaPay now ‘prominently important’
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

THE CENTRAL BANK on Thursday said fund transfer services PESONet and InstaPay have been designated as Prominently Important Payment Systems. — PONGSAWAT PASOM-UNSPLASH

THE BANGKO SENTRAL ng Pilipinas (BSP) approved the designation of major electronic fund transfer services PESONet and InstaPay as Prominently Important Payment Systems (PIPS) to promote consumer welfare amid the central bank’s digitalization initiative.

“The designation of PESONet and InstaPay as PIPS is considered timely, as these payment systems will facilitate the launch of other use cases for digital transactions, such as interoperable bills payments and direct debits,” BSP Governor Felipe M. Medalla said in a statement on Thursday.

Under the Payment System Oversight Framework, PIPS refers to a payment system that could potentially cause negative economic impacts or undermine the confidence of the public in the circulation of money but not trigger or transmit systemic risk.

In accordance with the National Payment Systems Act (NPSA), the designation of PESONet and InstaPay as PIPS would subject them to closer BSP supervision and monitoring to protect public interest. 

“This further promotes consumer welfare as we continue making progress toward the BSP’s objective of reaching 50% digital payments by 2023,” the BSP chief said.

PESONet and InstaPay are digital payment systems under the National Retail Payment System launched in 2017-2018.

PESONet is an electronic fund transfer service operated by the Philippine Clearing House Corp. It is a viable alternative for checks and recurring payments, the central bank said.

Meanwhile, InstaPay is a real-time, low-value payment substitute for cash transactions. It is handled by BancNet, Inc.

The two payment systems are expected to comply with international standards that foster safe, efficient, and reliable operations, particularly those provided under BSP Circular No. 1126 series of 2021. 

The circular regulates the adoption of the Principles for Financial Market Infrastructures for Designated Payment Systems.

Digital payments rose in terms of volume and value in 2021 as consumers and businesses used online channels amid mobility restrictions brought by the pandemic, the BSP said last week.

The share of digital payments in the total volume of retail transactions in the country rose to 30.3% in 2021 from 20.1% a year earlier, according to latest data from the central bank.

Merchant payments, peer-to-peer remittances and business transactions of salaries and wages to employees were the key contributors to the increase in digital payments, all of which are high-frequency, low-value retail transactions.

The BSP wants digital payments to make up 50% of all transactions both in terms of volume and value by 2023. — Keisha B. Ta-asan

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
DITO seeking local gov’t help for ‘viability’ to cover challenging areas

DITO seeking local gov’t help for ‘viability’ to cover challenging areas

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Netherlands, Sweden share spoils in Euros group opener

Netherlands, Sweden share spoils in Euros group opener

July 10, 2022
SSC outlasts Perpetual Help in 5 sets, shares second spot

SSC outlasts Perpetual Help in 5 sets, shares second spot

June 26, 2022
Twitter says loading issues fixed after user complaints

Twitter says loading issues fixed after user complaints

August 10, 2022
Diabetasol PHL kicks off #TreatYourselfWell campaign to promote sweet life for diabetics

Diabetasol PHL kicks off #TreatYourselfWell campaign to promote sweet life for diabetics

August 18, 2022
BSP chief says 25-bp rate increase ‘likely’

BSP chief says 25-bp rate increase ‘likely’

June 20, 2022
Completing Cabinet team is top task as Marcos begins term

Completing Cabinet team is top task as Marcos begins term

June 30, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.