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As the use of electronic or digital payments continues to grow amid its increased adoption in the overall payments ecosystem of the country, the Bangko Sentral ng Pilipinas has issued standards for consumer redress covering online fund transfers.In its Circular 1195, series of 2024, issued on June 1 signed by BSP Deputy Governor Mamerto Tangonan, the central bank outlined mechanisms on how consumers can seek recourse on issues arising from the use of digital payments.
For unsuccessful, rejected, timed-out, and returned transactions, the central bank mandates that the amount debited from a sender's account shall be immediately returned within one hour.Meanwhile, for unauthorized or erroneous transactions, financial institutions have the primary responsibility of communication to the sender or account holder the status and updates on investigations and eventual resolution.
BSP Electronic Payments E-Wallet
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