Payments

BSP Supports Duterte’s Executive Order to Accept National ID for All Transactions

The Bangko Sentral ng Pilipinas (BSP) supports President Rodrigo Duterte’s executive order to institutionalise the acceptance of the Philippine Identification (PhilID) or Philippine Identification System (PhilSys). This will enable the use of PhilID and PhilSys as sufficient proof of identity

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PayNet Appoints Farhan Ahmad as Its Group Chief Executive Officer

Payments Network Malaysia (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets, has named Farhan Ahmad as its new Group Chief Executive Officer effective 12 April 2022, succeeding Peter Schiesser. Farhan was the Founder and Chief

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BTI Payments Offers Innovative Self-Service Kiosks for Unbanked and Underserved

Self-service kiosks are a safer alternative, especially in today’s challenging times of COVID-19 because they are contactless. It provides a safer and more convenient way for people to meet their transactional requirements. For a country like the Philippines, where there

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PayMongo Secures US$31 Million Series B to Venture Into the BNPL Space

Philippines’ payment processing startup PayMongo announced that it has secured US$31 million in a Series B funding round. The round brings the company’s total funding to just under US$46 million, following a US$12 million Series A round in 2020 and

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BSP Issues New Guidelines on E-Payments Settlements

The Bangko Sentral ng Pilipinas (BSP) has issued guidelines on the settlement of electronic payments under the National Retail Payment System (NRPS) Framework. The settlement guidelines provide the responsibilities and minimum requirements to be adhered to by BSP-supervised financial institutions

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Is Payment Friction Challenging Your Business Growth Ambitions?

Digital payments transaction value is growing exponentially and is expected to climb to US$5.6 trillion in Asia by 2025. For companies that use digital payments, user experience, straight-through processing rates and operational efficiency have become primary concerns. Although companies such

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Proposed Bill to Tax Digital Transactions a Major Stumbling Block for Adoption

Fintech Alliance.ph, a coalition of fintech and digital companies, has tagged a proposed bill in the House of Representatives to tax electronic transactions as a major stumbling block to the digital transformation of the country. The House Bill 6765 or

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PayMaya Rolled Out 160,000 Acceptance Points for QR Merchant Payments

Philippines digital wallet PayMaya is accelerating the rollout of the QR Ph P2M (person-to-merchant) payment facility across its enterprise partners. QR Ph P2M is the national QR standard for merchant payments that was fully launched by the Bangko Sentral ng

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RCBC Now Supports BSP’s Roll Out of Retail QR Payments

Rizal Commercial Banking Corporation (RCBC) now supports Bangko Sentral ng Pilipinas’ (BSP) full roll out of the Person-to-Merchant (P2M) payment option for the national quick response standard, QR Ph. RCBC is one of the first participating banks and electronic money

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BancNet Picks FSS to Maximise Billing and Settlement Efficiencies

Financial Software and Systems (FSS), a global provider of integrated payment products and a payments processor, announced a partnership with BancNet, a Philippines-based interbank network connecting the ATM networks of local and offshore banks. FSS’ Business Support Suite enables BancNet

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