PHILIPPINE Savings Bank (PSBank) has added new cybersecurity features to its mobile banking application amid a surge in digital payments.

Clients can now control account access to restrict it to their preferred and regularly utilized channels, the lender said in a statement.

Users can also lock and unlock their ATM cards via the app, PSBank added.

The lender said it added the new features amid a rise in digital payments and demand for online banking services.

“However, this rapid shift towards digital banking brings its own set of challenges, particularly in the area of security… PSBank reinforces its commitment to security by empowering users with greater control over their online banking experience” the bank said.

Digital payments made up 52.8% of the volume of retail transactions in 2023, latest Bangko Sentral ng Pilipinas (BSP) data showed, up from the 42.1% share in 2022.

In terms of value, 55.3% of retail transactions last year were done online, also rising from 40.1% the year prior.

The BSP wanted at least 50% of the volume and value of retail transactions done online by end-2023 under its Digital Payments Transformation Roadmap.

The increase in digital payments was driven by wider use of online transaction channels among individuals and businesses, the central bank said, with the coronavirus pandemic accelerating this shift.

The central bank wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028, in line with the Philippine Development Plan.

PSBank’s net income grew by 14.13% year on year to P1.36 in the second quarter on the back of strong demand for consumer loans.

This brought its first-half earnings to P2.56 billion, up by 18.22% from a year ago.

PSBank shares climbed by P1.15 centavos or 2.10% to close at P55.95 apiece on Wednesday. — AMCS

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