Philippines Financial Sector Assessment Program : Retail Payments

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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Bibliographic Details
Main Author: Karpinski, Karol
Format: Report
Language:English
Published: World Bank, Washington, DC 2021
Subjects:
FINANCIAL SECTOR DEVELOPMENT
RETAIL PAYMENTS
PAYMENT AND SETTLEMENT SYSTEM
LEGAL FRAMEWORK
FINANCIAL REGULATION
ICT INFRASTRUCTURE
CHECK IMAGE CLEARING
ATM NETWORK
RISK MANAGEMENT
ANTI-MONEY LAUNDERING
E-MONEY
DIGITAL BANKING
FINTECH
FINANCIAL TECHNOLOGY
FINANCIAL LITERACY
G2P
OVERSIGHT
Online Access:http://documents.worldbank.org/curated/en/368161629268352616/Philippines-Financial-Sector-Assessment-Program-Retail-Payments-Technical-Note
http://hdl.handle.net/10986/36187
id okr-10986-36187
recordtype oai_dc
spelling okr-10986-361872021-08-24T05:10:43Z Philippines Financial Sector Assessment Program : Retail Payments Karpinski, Karol FINANCIAL SECTOR DEVELOPMENT RETAIL PAYMENTS PAYMENT AND SETTLEMENT SYSTEM LEGAL FRAMEWORK FINANCIAL REGULATION ICT INFRASTRUCTURE CHECK IMAGE CLEARING ATM NETWORK RISK MANAGEMENT ANTI-MONEY LAUNDERING E-MONEY DIGITAL BANKING FINTECH FINANCIAL TECHNOLOGY FINANCIAL LITERACY G2P OVERSIGHT 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. 2021-08-23T20:44:51Z 2021-08-23T20:44:51Z 2019-11 Report http://documents.worldbank.org/curated/en/368161629268352616/Philippines-Financial-Sector-Assessment-Program-Retail-Payments-Technical-Note http://hdl.handle.net/10986/36187 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work East Asia and Pacific Philippines
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic FINANCIAL SECTOR DEVELOPMENT
RETAIL PAYMENTS
PAYMENT AND SETTLEMENT SYSTEM
LEGAL FRAMEWORK
FINANCIAL REGULATION
ICT INFRASTRUCTURE
CHECK IMAGE CLEARING
ATM NETWORK
RISK MANAGEMENT
ANTI-MONEY LAUNDERING
E-MONEY
DIGITAL BANKING
FINTECH
FINANCIAL TECHNOLOGY
FINANCIAL LITERACY
G2P
OVERSIGHT
spellingShingle FINANCIAL SECTOR DEVELOPMENT
RETAIL PAYMENTS
PAYMENT AND SETTLEMENT SYSTEM
LEGAL FRAMEWORK
FINANCIAL REGULATION
ICT INFRASTRUCTURE
CHECK IMAGE CLEARING
ATM NETWORK
RISK MANAGEMENT
ANTI-MONEY LAUNDERING
E-MONEY
DIGITAL BANKING
FINTECH
FINANCIAL TECHNOLOGY
FINANCIAL LITERACY
G2P
OVERSIGHT
Karpinski, Karol
Philippines Financial Sector Assessment Program : Retail Payments
geographic_facet East Asia and Pacific
Philippines
description 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.
format Report
author Karpinski, Karol
author_facet Karpinski, Karol
author_sort Karpinski, Karol
title Philippines Financial Sector Assessment Program : Retail Payments
title_short Philippines Financial Sector Assessment Program : Retail Payments
title_full Philippines Financial Sector Assessment Program : Retail Payments
title_fullStr Philippines Financial Sector Assessment Program : Retail Payments
title_full_unstemmed Philippines Financial Sector Assessment Program : Retail Payments
title_sort philippines financial sector assessment program : retail payments
publisher World Bank, Washington, DC
publishDate 2021
url http://documents.worldbank.org/curated/en/368161629268352616/Philippines-Financial-Sector-Assessment-Program-Retail-Payments-Technical-Note
http://hdl.handle.net/10986/36187
_version_ 1764484680633024512

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