TARLAC CITY (PIA) -- Bangko Sentral ng Pilipinas (BSP) encourages use of digital payments on financial transactions to promote economic growth.

Digital payments are financial transactions in exchange of goods and services using mobile and digital devices.

BSP North Luzon Regional Office Bank Officer IV Rodora Teresa Openiano underscored that digital payments empower consumers to promptly, securely, conveniently and affordably perform their transactions. 

“One of the many benefits of digital payments is the fast return of capital for businesses such as the micro, small and medium enterprises. With this channel, they are able to restock and expand their businesses faster resulting in growth in our economy,” she said.

There are two channels to choose from when transferring funds to the same bank or other banks namely Instapay and Pesonet.

“From the name itself, instapay reflects funds transferred instantly but with limited amounts while pesonet on the other hand reflects only while the bank is open but has no limit in the amount to be transferred,” Openiano added.

She clarified that there is no need for additional gadgets in order to transact digitally since financial providers have these features on their system.

Moreover, BSP reminded the public to consider secure internet connection, correctness of information, and good cyber hygiene practices for a responsible use of digital financial services. (CLJD/GLSB-PIA 3)