Digital transactions in the Philippines have reached a new milestone, with the Bangko Sentral ng Pilipinas (BSP) reporting a rise in digital payment transactions from 42.1% in 2022 to 52.8% in 2023. This surge has exceeded the BSP's target of digitalizing 50% of payment volumes as part of its Digital Payments Transformation Roadmap 2018-2023.[1]
The convenience and accessibility of mobile apps and online banking have made cashless transactions the preferred payment method for many Filipinos. According to a study, cash usage has declined to 87%, down from 96% in 2022, as consumer habits increasingly favor cashless payments.[2]
However, this rapid shift towards digital banking brings its own set of challenges, particularly in the area of security.
Enhancing security in mobile banking
For
individuals who are new to digital banking, navigating online services can be
daunting, increasing their vulnerability to cyber threats. This underscores the
importance of education and robust security measures.
Cybersecurity
threats like identity theft, phishing scams, and fraud are prevalent concerns
in digital banking. Phishing, in particular, remains a significant threat, as
cybercriminals use misleading websites and emails to steal personal information
and compromise financial data.
To
combat these threats, banks are continually updating their security measures to
ensure safe mobile banking, implementing features like two-factor
authentication, account monitoring, biometric authentication, and strong
password policies.
Philippine
Savings Bank (PSBank) reinforces its commitment to security by empowering users
with greater control over their online banking experience. PSBank clients can
lock access to their accounts on platforms they don’t usually use, ensuring
that access to their PSBank accounts is restricted to their preferred and
regularly utilized channels. Additionally, PSBank users have the option to lock
or unlock their ATM card, offering an extra layer of security against
unauthorized transactions.
Financial inclusion through simple and
accessible banking
The
new PSBank Mobile app simplifies banking for every Filipino, whether they are
new account holders or long-time clients. The app's upgrades introduce a more
user-friendly interface, allowing users to customize their home screen with
either a comprehensive or single account view, save and share transaction
receipts, and access detailed loan account information. With PSBank Mobile,
clients can easily open a time deposit account, apply for new loans, and even
deposit checks. The enhanced app also features a customizable display of
frequently used options, offering a personalized banking experience,
complemented by vibrant images of iconic Philippine destinations.
PSBank
is committed to promoting financial inclusion by making banking accessible to
everyone. The bank has simplified its account opening process to make it easier
for Filipinos to start their banking journey. With minimal requirements of one
valid ID and a selfie, individuals can open a PSBank account through PSBank
Mobile, with the option to get an ATM card for free.
For
more information on PSBank’s products and services, visit psbank.com.ph or
follow PSBank on Facebook
and Instagram.
About PSBank
Philippine Savings Bank (PSBank) is an industry trailblazer in
innovative and future-ready banking, and is the country's consumer and retail
bank of choice for more than 60 years. Its primary objective of delivering
quality customer service, simplified processes, quick credit decisions, and
consumer-focused products are underscored by a clear promise: Simple Lang,
Maaasahan.
It is the retail banking arm and a subsidiary of the Metropolitan Bank and Trust Company. To date, PSBank's nationwide network has already reached 250 branches and 557 in-branch and offsite ATMs - ready to serve its ever-growing client base.
[1] Bangko Sentral ng Pilipinas
Report on E-Payments Measurement. (2023).
https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=7182
[2] Visa Consumer Payment Attitudes Study. (2024). https://www.visa.com.ph/about-visa/newsroom/press-releases/annual-visa-consumer-payment-attitudes-study-reveals-significant-decline-in-cash-payments-amid-rise-in-cashless-transactions.html
Like this post? Subscribe to Manila Life by Email