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July 20, 2020

Covid-19 impact: Digital payments soar in Philippines

Digital payments have gained traction in the Philippines as local people avoid cash transactions following the Covid-19 pandemic.

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
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According to a Nikkei Asian Review, payment platform GCash witnessed a sharp increase in the number of registered users since mid-March.

PayMaya, GCash’s local rival, has also increased marketing campaigns to bolster its footprint.

In May, the amount of payments made through GCash was eight times from the figure registered a year ago, the company told the publication.

The e-wallet has more than 20 million registered users and can be used at around 63,000 stores.

The Southeast Asian nation had been slow to adopt digital transactions. However, the pandemic is expected to give it the necessary thrust and catch up with its neighbouring countries.

The Philippines’ central bank also aims to increase the share of e-payments to 50% by 2023. According to a report by the Better Than Cash Alliance, digital payments accounted around 10% of the total volume at the end of 2018.

Currently, GCash and PayMaya are focusing on sectors which have higher potentiality of growth, Nikkei Asian Review further reported.

GCash, in collaboration with the government, will equip the taxis with necessary systems that will enable them to take QR payments.

Additionally, the number of government institutions that accept digital payment through EGov Pay, which was launched last year, has grown recently.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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