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.
Faced with competition from micro-finance institutions and fintechs, credit unions in Asia have decided to take a step further in digital payments.
The Asian Confederation of Credit Unions (ACCU) has recently launched a common banking and payments platform for its members in the Philippines.
The intimacy of the personal smart device, and prevalent social media snacking behavior, has generated a new form of shopping: Mobile Snack Shopping.