Here, it is important that the user perceives these to be purely digital, by being fully integrated into smartphones or digital wallets. Of course, in technical terms, these might simply be an additional, highly convenient layer on top of other payment instruments such as credit transfers, direct debits and card payments.
Developments are unfolding at a rapid pace and more and more digital payments systems and services are being introduced. In the not-so-long-ago-early-1990s, settlement of interbank transactions was a manual system. Since 2002, the settlement of time-critical and large-value financial transactions has been handled by PhilPaSS, the country’s very modern real-time gross settlement system when it was installed.