People often give me puzzled looks when I try to describe my job here, and I don’t blame them. Since 2015 I have worked on an international development program that supports the Philippines’ shift from a cash-based economy to a cash-light economy, which will improve the livelihoods of Filipinos by getting more people involved in the formal economy.
The Bangko Sentral ng Pilipinas (BSP) is crafting guidelines to allow financial entities to carry out client verification via electronic means, alongside more “flexible” rules to combat money laundering, a central bank official said.
Debit cards are considered by most to be a fine alternative to credit cards in that they can be used similarly without the ability to buy items on installment. The biggest difference between a credit card and a debit card is that the latter can only be used if there are funds on it.
Mert Tangonan is the chief of party of USAID’s E-PESO activity in the Philippines. E-PESO seeks to accelerate the shift toward digital payments for broad-based economic growth and financial inclusion in the Philippines.
For most practitioners, interoperability brings to mind images of switches, network connections, aggregators and interfaces — in short, the technical tools that allow modern payment systems to work together. However, CGAP’s new global scan on digital financial services interoperability makes it clear that exchanging payments is about much more than technical connections.