MACTAN ISLAND, CEBU, Philippines — Consumers may soon easily send and receive money using their mobile phones despite being enrolled in different providers, a Bangko Sentral ng Pilipinas official said.
BSP Deputy Governor Nestor A. Espenilla Jr. said in a briefing consultations are currently ongoing for local telcos to create a unified platform for e-payments eyed as early as next year.
“There are also conversations going on with respect to how the telcos’ subsidiaries involved in providing electronic money are able to inter-operate their own platforms so the idea there is to move one e-money product to another e-money product,” Espenilla said.
Currently, e-money transfers are only possible when consumers are using the same provider. There are two operating e-money providers in the country, Smart Communication’s Smart E-money Inc. and Globe Telecom’s G-Xchange Inc.
“There is a specific work program that is being hammered out to bring them to that point as early as next year,” Espenilla said.
Having one gateway for e-payments is only part of the BSP’s planned national retail payment system, which also covers the consolidation of automated teller machine (ATM) networks, and electronic point-of-sale.
In January this year, the Bankers Association of the Philippines, BancNet, and Megalink formalized the consolidation of the ATM networks. The move was seen increasing efficiency in the delivery of services and lower inter-bank fees for consumers.
Espenilla said the BSP is also drafting governance rules for the national retail payment system.
“This basically determines the rights and privileges of all of the players so they can interact with one another, defining clearly the areas where they should cooperate and also defining areas where they can compete,” he said.