Digital payments for MSMEs pushed

MANILA, Philippines — The organization of electronic money issuers (EMIs) is gearing up micro, small, and medium enterprises  (MSMEs) to accept e-payments in support of the efforts of the Bangko Sentral ng Pilipinas (BSP) to build up digital payments.

Albert Tinio, president of the Philippine e-Money Association (PeMA) and G-Xchange Inc., said the group is committed to work with the BSP to increase cashless transactions to 20 percent by 2020 from the current one percent through the National Retail Payment System (NRPS).

“This is why we want to ensure that we maintain mutual confidence and close cooperation among non-bank electronic money issuers. We want to help the administration to reach the unbanked and underserved Filipinos,” Tinio said.

Tinio added the group is working towards enabling more merchants and MSMEs in the country to accept electronic payments.

“For our part, we at PeMA plan to continue to expand our reach and enable more merchants. We will continue to establish strategic partnerships with different institutions and offices to support the creation of a cashless ecosystem,” Tinio said. 

PeMA chairman and PayMaya president Orlando Vea said the organization is dedicated to create more progress in helping the BSP to build the country’s digital payments ecosystem.

“Progress in developing an inclusive digital payments ecosystem depends on all stakeholders. Our association will work closely with the central bank through sharing knowledge as each member continues to innovate their respective services and platforms,” Vea said.

Vea added PeMA wants to help empower consumers through access to financial services and enable more businesses to easily accept payments across all channels.

The BSP launched the NRPS in December 2015 to establish a safe, efficient, affordable, and reliable e-payments system in the country.

The system now allows batch electronic fund transfer through the Philippine EFT System and Operations Network (PESONet) as well as the 24/7 low value electronic fund transfers of P50,000 through InstaPay.