An Overview of the Philippines' E-Money Boom

E-Money is booming, and set to take center stage as the Philippines begins to embrace cashless methods into the mainstream.

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Number of electronic money accounts in the Philippines

The shift towards digital payments in the Philippines paved the way for an increasing number of electronic money accounts in the country. From 2017 to 2020, the total number of electronic money accounts in the Philippines reached millions.

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Total number of electronic money accounts in the Philippines from 2017 to 2020

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What is E-Money?

E-Money, or electronic money, refers to digital currency that is stored and exchanged electronically. It allows individuals to make transactions, such as payments and transfers, without the need for physical cash.

Features of E-Money:

• Convenience: E-Money provides a convenient way to make payments and transfers without the need to carry physical cash.
• Security: E-Money transactions are often encrypted and protected by advanced security measures, reducing the risk of theft or fraud.
• Speed: E-Money transactions are typically processed quickly, allowing for instant payments and transfers.
• Accessibility: E-Money can be accessed and used through various digital platforms, such as mobile apps and online wallets.
• Trackability: E-Money transactions can be easily tracked and monitored, providing transparency and accountability.

What E-Money is not:

E-Money should not be confused with cryptocurrency, such as Bitcoin. While both involve digital currency, cryptocurrency operates on a decentralized system and is not regulated by any central authority.

What is an Electronic Money Issuer (EMI) License?

An Electronic Money Issuer (EMI) License is a regulatory license issued by the government or a central bank that allows a company to issue and manage electronic money. In the Philippines, there are several companies that have obtained EMI licenses, enabling them to provide e-money services to individuals and businesses.

The E-Money Ecosystem:

The e-money ecosystem in the Philippines consists of various stakeholders, including:

• EMI Banks: These are traditional banks that have obtained EMI licenses and offer e-money services to their customers.
• EMI-NBFI (Non-Bank Financial Institutions): These are non-bank financial institutions that have obtained EMI licenses and provide e-money services.

List of E-Money Issuers in the Philippines:

• EMI Bank A
• EMI Bank B
• EMI-NBFI C
• EMI-NBFI D
• EMI-NBFI E

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E-Money's Emergence Across the Philippines

The Philippines is transforming its financial services with the target to have 20% of transactions done electronically by 2020. This shift towards e-money is revolutionizing the way people in the Philippines make payments and manage their finances.

Electronic Money Issuers in the Philippines: Guidelines and Operations

Bangko Sentral continues to strive for improvements in the guidelines on E-Money and the operations of Electronic Money Issuers. These guidelines aim to ensure the safety, security, and integrity of the e-money ecosystem in the Philippines.

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