Philippines Financial Sector Assessment Program : Retail Payments
This technical note, prepared based on the financial sector assessment program (FSAP) mission to the Philippines, presents the overview of retail payments in the country and assesses its various aspects against relevant international standards and...
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| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/368161629268352616/Philippines-Financial-Sector-Assessment-Program-Retail-Payments-Technical-Note http://hdl.handle.net/10986/36187 |
| Summary: | This technical note, prepared based on
the financial sector assessment program (FSAP) mission to
the Philippines, presents the overview of retail payments in
the country and assesses its various aspects against
relevant international standards and guidance. The
assessment covers twelve thematic areas, which include: (1)
public and private sector commitment; (2) legal and
regulatory framework; (3) governance arrangements; (4)
market competitiveness; (5) financial and information and
communications technology (ICT) infrastructures; (6) risk
management; (7) access points; (8) product design; (9)
awareness and financial literacy; (10) leveraging
large-volume recurrent payment streams; (11) payment systems
oversight; and (12) cooperation and information sharing.
This paper aims to present a succinct but comprehensive
assessment of the most important aspects of the retail
payments market in the Philippines. The scope of the
assessment also includes an examination of the nascent
fintech ecosystem, insofar as it relates to the provision of
payment services or using retail payment services and
accompanying infrastructure to build other value-added products. |
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