The BSP has reported a rise in digital payment transactions from 42.1% in 2022 to 52.8% in 2023. This growth has surpassed BSP's target of digitalizing 50% of payment volumes as part of its Digital Payments Transformation Roadmap 2018-2023.
The convenience and accessibility of mobile apps and online banking have made cashless transactions the preferred payment method for many Filipinos. As per study, cash usage has declined to 87%, down from 96% in 2022, as consumer habits has shifted to cashless payments.
But along with this rapid shift towards digitalization, it has its own set of challenges particularly in the area of security.
For those who are new to digital banking, doing your transactions online can be daunting and it can increase vulnerability to cyber threats. This underscores the importance of education and robust security measures.
Cybersecurity threats like identity theft, phising scams, and fraud are prevalent concerns in digital banking. Phising, in particular, remains a significant threat, as cybercriminals use misleading websites and emails to steal personal information and compromise financial data.
To prevent these threats from happening, banks are continually updating their security measures for a safe and secure mobile banking, implementing features like two-factor authentication, account monitoring, biometric authentication, and strong password policies.
With these in mind, Philippine Savings Bank (PSB) reinforces its commitment to security by empowering users with greater control over their online banking experience. PSBank clients can lock access to their accounts on platforms they don't usually use, ensuring that access to their PSBank accounts is restricted to their preferred and regularly utilized channels. Additionally, PSBank users have the option to lock or unlock their ATM card, offering an extra layer of security against unauthorized transactions.
With the new innovative PSBank Mobile app, it simplifies banking for its account holders, both old and new. The app's upgrades introduce an easy to navigate interface that allows users to customize their home screen with either a comprehensive or single account view, save and share transaction receipts, and access detailed loan account information. With PSBank Mobile, clients can easily open a time deposit account, apply for new loans, and even deposit checks. The enhanced app also features a customizable display of frequently used options, offering a personalized banking experience, complemented by vibrant images of iconic Philippine destinations.
PSBank reinforces its commitment to make banking accessible to everyone. The bank has simplified its account opening process to make it easier to Filipinos to start their banking journey. With minimal requirements of one (1) valid ID and a selfie, individuals can open a PSBank account through the PSBank Mobile, with the option to get an ATM card for free.
More details and information on: PSBank.com.ph
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