Philippines: BancNet, Megalink merge for improved customer services

The merger will also create the nucleus of a single national electronic payment platform that will reduce the need to use paper money in everyday retail transactions, business.inquirer.net reports.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Junior said the merger should result in security and inclusiveness in the way financial transactions are settled. The BSP brokered the deal to merge the two networks as part of an overarching plan to bring down ATM costs for consumers.

In a report late 2013, the US Agency for International Development (USAID) said 98% of all retail transactions in the country were still done using cold, hard cash. In more advanced countries like Japan, e-payments account for 88% of all retail transactions.