The Bangko Sentral ng Pilipinas (BSP) is advancing stronger authentication standards, according to a report by Philstar Biz, with the biggest adjustments expected at the checkout counters of millions of micro, small, and medium enterprises (MSMEs).
The new regulations aim to move beyond one-time passwords (OTPs) to more secure payment verification methods. For MSMEs, this could mean upgrading point-of-sale systems or adopting alternative authentication technologies to comply with the updated rules.
Industry observers note that the shift may pose challenges for smaller merchants due to potential costs and technical requirements, but is expected to enhance overall transaction security. The BSP's move is part of a broader effort to strengthen the digital payment ecosystem in the Philippines.