Status : Verified
| Personal Name | Altea, Sean Patrick M. |
|---|---|
| Resource Title | The Current State of B2B Digital Payments Market in the Philippines |
| Date Issued | 2023 |
| Abstract | Digital payments are expected to predominate transactions by the decade. Our country is experiencing the most substantial change from cash to digital payments as the region's populace spends more time online. We can see several Fintech Companies in different services that have so far operating in the Philippines. It's encouraging to see how far our people have come, the sheer number of payment options hurts digital enterprises. This is due to the non-interoperability of most of these technologies. Comparatively, this implies that various payment systems "speak different languages" and cannot interact with one another. While the Philippines' shift away from cash is consistent with global trends, the region's digital environment is being formed by a specific mix of elements that are building an ecosystem that will support rapid development in digital payments in the years to come. This paper will detail the problems and gaps that B2B digital payment transactions between PH SMEs must address. The issue of Philippine SMEs' lack of access to business loans and lines of credit must be fixed. This research will recognize Philippine SMEs undergoing a digital transformation and are presently supported by startups dedicated to helping businesses use modern B2B payments. Businesses and governments in the area continue to pay close attention to the cybersecurity risks posed by digital amounts. Adjustments to user security features and improved payment authentication solutions are being offered to retailers by companies along the payments value chain. It is evident that the right set of elements, including shifting consumer preferences and demographics, rapid technological development, private enterprise, and a proactive regulatory environment, are about to coalesce to create a strong foundation for the Philippines’ developing digital payments ecosystem. As a result of the high degree of digital engagement with PH SMEs, any B2B digital payment platforms are likely to be adopted. The lack of digital involvement won't stop adoption in its tracks. We need a determined effort to reduce businesses' dependency on paper invoices and shift their thinking toward regular corporate payments to fully realize B2B digital payments' promise. This digital revolution involves governments, banks, financial services providers, and technology corporations. A deeper focus on accessibility, simplicity, and affordability is essential for digital payment systems to have a more significant impact while also breaking down the trust barrier. Before beginning to future-proof their firms, industry participants must first comprehend that the global market is reshaping the future of payments. |
| Degree Course | Master of Technology Management |
| Language | English |
| Keyword | ACH payments; B2B Digital Payments; B2B E-Payment Methods; B2B payment methods; B2B payment solutions; BNPL; Fintech; Virtual cards; Virtual Payments |
| Material Type | Thesis/Dissertation |
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