BSP's New Payment Security Rules to Reshape MSME Transactions
The Bangko Sentral ng Pilipinas (BSP) is implementing new rules shifting away from One-Time Passwords (OTPs) for high-risk transactions towards more secure methods like biometrics. This move is expected to significantly impact payment processes not only for banks but also for Micro, Small, and Medium Enterprises (MSMEs), which constitute 99.63% of businesses in the Philippines.
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