CITY OF SAN FERNANDO -- The Bangko Sentral ng Pilipinas (BSP) has enjoined businesses and consumers in Central Luzon to "go digital" in their financial transactions for security, convenience and affordability.
The BSP said digital payments are financial transactions in exchange for goods and services using mobile and digital devices.
The central bank said the method will empower consumers to promptly do their transactions and at the same time boost economic growth in the region.
Using digital payments allows the fast return of capital for businesses such as micro, small and medium enterprises (MSMEs), the BSP added.
Going digital allows MSMEs to restock and expand their businesses faster resulting in growth of the local economy.
The two digital payment channels the BSP is proposing when transferring funds to the same bank or other banks are Instapay and Pesonet.
“From the name itself, Instapay reflects funds transferred instantly but with limited amounts while Pesonet on the other hand reflects only while the bank is open but has no limit in the amount to be transferred,” the BSP said,
It added that there is no need for additional gadgets in order to transact digitally since financial providers have these features on their system.
BSP also reminded the public to consider secure internet connection, correctness of information, and good cyber hygiene practices for a responsible use of digital financial services.
