The e-Peso initiative was recently launched in order to create a single electronics payment platform for all transactions in the country.
The project is a collaboration between local banks and the United States Agency for International Development (US AID).
Particulars on how to put up the single platform are still being worked out.
The single e-payment platform is being eyed to replace existing payments highways such as Bancnet and Megalink.
Particulars on how to put up the platform are still being worked out.
A model being considered is a system built by Samsung in Korea where deposits and withdrawals and and stock trading take place on a common platform.
Bankers Association of the Philippines (BAP) President Loreenzo Tan said the project would minimize the use of physical cash.
Cash transactions are considered inefficient, dangerous, and unnecessary in the face of new payment technologies that have emerged.
Cashless transactions eliminates the need for armored cars to carry cash from one place to another. These are also more transparent because all transactions are recorded electronically, thus minimizing losses from pilferage or, in the government’s case, small kickbacks by front liners.
Photo: From www.bonanza.com