When we traveled years ago, we had dollars and traveler's checks. Then we moved to plastics, primarily credit cards. We now pay by phone, QR codes and virtual cards whose numbers reside in phone apps. Payments are becoming faster and smarter as more people rely on non-banks for services that used to happen only inside banks.
We are living through a second revolution in money. Cash and checks are being replaced with cards, and software-defined payments are being used with cards. E-wallets, QR codes, instant transfers and phone apps are now an increasing part of our daily transactions. The question is whether our rules can keep pace with the technology that moves our money.
I'm pro-innovation, and I'm also pro-trust. People need confidence that regulations protect them and their savings. This means that similar rules should address similar risks. If a firm takes money, transfers money, or lends on a large scale, it must follow basic security measures, whether it has a bank license or not.
And as payments become real-time and cross-border, security and transparency must be built in from the start. Prices should be clear, refunds should be easy and help should be available immediately if things go wrong. At least tech-savvy Filipinos should be safe by default.
Three recent developments show why we should review our money rules and future-proof them. First, the Bangko Sentral ng Pilipinas reopened digital-bank licensing in early 2025 with a limit of 10 players, then closed down new applications before the end of the year to focus on quality and supervision.
Second, mobile super-apps now ship numberless, app-controlled credit cards like Maya Black. These products reduce skimming and card-not-present fraud with dynamic codes and in-app controls, but they rely on phones and clear dispute rules that ordinary users can understand and use.
Third, Project Nexus aims to make cross-border payments feel local in ASEAN by 2026. By scanning a merchant's QR abroad, a traveler can pay with a Philippine wallet and be paid in the chosen currency almost instantly. Convenience is increasing. Security measures should also be like this.
With these changes, money no longer resides only in banks. E-wallets, installment plans, and investment platforms offered by digital banks and electronic or mobile nonbanks now perform many bank-like functions. This is progress. What matches this is a rule book that looks at what these companies do, not just what they are. If they pose equal risks to the public, they must provide equal protection to the public.
If you lend extensively, you should maintain appropriate cash limits, test your loan book for bad weather, and clearly report the results to regulators and the public. If you move people's money, you must meet basic standards on uptime, dispute management, cyber security and honest fees.
And if you sell investments to the public, you must have tools in place to manage huge withdrawals and protect long-term savers if markets decline. A level playing field rewards good risk management and honest pricing. This keeps public confidence in the system high.
QR codes and instant transfers are now part of daily life. Soon, making payments across ASEAN through Nexus may feel like making payments at home. This is progress, but fast money can spread mistakes fast. We must make real pricing visible before people tap to pay. The amount, exchange rate and any fees should be clearly visible in pesos on a single screen. No surprise.
We also need to be wary of fraud and outages. Mobile signals degrade and online systems go down. Backups must exist and work. If one data center or telco link fails, another route must take over. If a cross-border corridor stops, the app should say so in clear language, with time for the next update.
And if any payment was unauthorized, the customer should be paid promptly. If a customer was defrauded into approving a payment, there should be a fair, fast path to help, not a maze of finger-pointing between institutions. The solution should be quick and fair.
New technologies such as numberless cards and dynamic codes reduce stolen-number fraud, but they rely heavily on phones. That's why product defaults matter. Start with sensible spending limits, send alerts for every transaction, and include a one-tap freeze button that's easy to find. Have options ready for when a phone goes offline or an app logs a user out. Where two-factor signals are required, instructions should be simple, and the fallback should not penalize the customer for being alert.
Clarity builds trust. The total cost of the loan or foreign purchase should appear in pesos without any small print. If a high school student can't tell the cost after reading the screen once, the message is not clear enough. People need to know what they are doing before they commit. Consumer protection is the way the system earns repeated use and stable growth.
We should plan for bad days also. Disruptions do occur, and electronic systems must be prepared. The outage may affect banks, e-wallets, telecom companies, merchants and customers at the same time. Flexibility is not optional because people's money is involved. Critical systems should have redundant backups for everything important.
More importantly, inclusion expands the market. New systems should benefit everyone, not just early adopters. Senior citizens, persons with disabilities, people with limited education and communities with weak connectivity should not be left behind. There must be easier ways to invite more people into formal finance.
The future of the Philippine currency is not a battle between banks and non-banks. It is a partnership under rules that actually suit each person's actions. If you lend, keep a cushion and tell the truth about the price. If you transact money, be fast, fair, and open about the fees. If you create apps, protect the least tech-savvy user by default.
Do this and we will have a system that is secure enough to trust and open enough to evolve. People will keep money digital with confidence. The rules allow finance to do what it should do: help the economy grow and help people improve their lives.
Marvin is the former managing editor of Tort businessworldand former chairman of the Philippine Press Council
matort@yahoo.com