BSP upbeat on mobile banking

By Lawrence Agcaoili

The Philippine Star – The Bangko Sentral ng Pilipinas (BSP) is very bullish on the prospects of mobile banking next year as telecommunications giants Smart Communication and Globe Telecom booked P9 billion worth of transactions in the second quarter this year.

BSP officer-in-charge Nestor Espenilla Jr. said in an interview with reporters that more consumers, particularly families of overseas Filipino workers (OFWs), are starting to appreciate the use of electronic transactions.

“We are bullish on mobile banking. We expect volume of transactions through the electronic money system to grow next year,” he said.

e-transactions involve the payment of goods purchased and services rendered but could also be a conduit for the money sent home by Filipinos working abroad.

“The amount of e-money transactions is already huge, and we expect it to grow further,” the BSP official added.

Read the rest of the article on Philippine Star online.