PH banks soon to take charge of enabling access to global digital wallets
The way business is done has changed dramatically due to technology. Virtual transfers made possible by smartphone applications have replaced actual transfers made with cash and cheques. The use of technology to transform and improve financial processes is known as financial technology (or ‘Fintech’). The Philippines has an emerging financial technology (Fintech) industry thanks to booming digitalization.
The Bangko Sentral ng Pilipinas (BSP) played a vital role in the evolution of the Fintech industry. As early as 2000, the BSP allowed banks to engage in electronic banking to improve financial access. However, it was only in the years leading up to the COVID-19 pandemic that most banks incorporated online banking to cater to the growing share of Filipinos owning smartphones.
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Through their devices, Filipinos can easily open bank accounts online and access them easily without having to step into a bank branch. Among Fintech companies, GCash pioneered money remittances nationwide by turning mobile phones into an e-wallet using their app. Today, GCash is the first fintech unicorn, providing various solutions, including bill payments, QR code payments, investments, loans, and insurance services. However, new entrants from the global arena are stepping into the game!
Visa, the world leader in digital payments, is helping Philippine banks prepare for the rollout of global digital wallets like Google Pay, Apple Pay, and Samsung Pay. In a recent workshop, Visa brought together local banks and regional partners, including Google Southeast Asia, Vietcombank, and Starbucks Vietnam, to share how these wallets were successfully launched in other markets.
The Bangko Sentral ng Pilipinas recently clarified that these wallets are technology service providers. They must be linked to users’ credit, debit, or e-money accounts. They cannot hold funds directly. This puts banks in charge of enabling access to these services.
Visa’s workshop focused on how banks can integrate and scale these wallets. It also highlighted the role of tokenization, which replaces card numbers with secure digital tokens. This helps protect users from fraud. Visa has issued over 10 billion tokens globally and says fraud rates have dropped by more than half.
Partners from Vietnam shared how xPay adoption increased card usage and improved customer engagement. Google also explained how digital wallets make payments easier and safer. Visa says the move supports financial inclusion and helps build a secure payment system. With digital payments now making up 57.4% of retail transactions in the Philippines, the country is ahead of its 2024 targets.
Fintech has enabled underprivileged communities and emerging nations to engage in the global financial ecosystem by democratizing access to financial services. As a result, traditional banking and payment structures have been upended, and it has revolutionized how individuals handle their finances.
References: Visa prepares Philippine banks to adopt Apple Pay, Google Pay, and Samsung Pay
The role of technology in the finance industry | OneAdvanced
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