Embracing Digital Banking: The Shift Towards Cashless Transactions in the Philippines
Mobile Banking Friday, August 30, 2024
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.
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.
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.
