BSP Digital Payments Initiatives and the Financial Consumer Protection Act

iFM Laoag – The Bangko Sentral ng Pilipinas introduces Digital Payments Initiatives and the Financial Consumer Protection Act in the City of Batac, Ilocos Norte on July 11, 2023, Tuesday.

BSP presented digitalization on financial transactions, consumer protection act that is pivotal – safer and more reliable and to get rid from fraud online and personal transactions as well.

BRIEFER ON DIGITAL PAYMENT INITIATIVES OF THE BSP

Ms. Maureen Franco, Bank Officer V, BSP Payments Policy and Development Department (PPDD) discussed briefly digital payment initiatives that is very helpful;

– For consumers – enjoy fast, safe, and more convenient means of payment.
– For Businesses – improve efficiency through reduced operating costs.

– For government agencies – minimize revenue leaks through increased efficiency and transparency.

Key Takeaways on the 2022 Results af E-Payment Measurement

1. The use of digital payments has been rapidly increasing and this is shown by the accelerated growth rates in the annual measurement of digital payments from 2018 to 2022.

2. Digital payments volume increased by 42.7% YoY, exhibiting a sustained momentum in the shifting preference to use and accept digital payments services in recent years.

3. Person-to-Business (P2B) and Business-to-toBusiness (B2B) payments continue to be the use cases that need to be prioritized considering their significant share over the total retail payments volume.

4. Merchant payments and person-to-person (P2P) fund transfers once again proved to be the top contributors in the growth of digital payments volume.

5. The government continues to lead the path to digitalization with 96% of its total payment transactions and disbursements already in digital form.

6. There was a significant increase in the volume of account-to-account electronic fund transfers, which could be attributed to the expanding access to transaction accounts that are now being utilized to perform various payment transactions alongside the increasing preference to use digital modes and channels in making payments.

7. With digital payments poised to continue to grow with this upward trajectory, we are optimistic in reaching our target of transforming 50% of the total retail payments volume into digital form by 2023.

BRIEFER ON THE FINANCIAL CONSUMER PROTECTION ACT

Ms. Rochelle Tomas, Deputy Director, BS Consumer Protection and Market Conduct Office (CPMCO) discussed briefly the Republic Act No. 11765 or Financial Products and Services Consumer Protection Act of 2022 (FCPA) and its application in the Bangko Sentral ng Pilipinas and different financial transactions. Executing FCPA Implementing Rules and Regulations: BSP Circular No. 1160, BSP Circular No. 1169, BSP Consumer Assistance Mechanism, and Traditional Channels.

Online help desk through BSP Online Buddy, Customer Centricity of Financial Service Providers, and Responsibility of Financial Consumers are also discussed.

Present in the forum are Atty. Cristamarie Tabilas-Abiva, Acting Area Director of BSP Batac Branch, Atty. Noel Neil Malimban, Regional Director, BS North Luzon Regional Office, and the media practitioners in the Province of Ilocos Norte. ### | via Bernardo B. Ver II