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April 24, 2024

BSP reports exponential digital payments growth

The Bangko Sentral ng Pilipinas (BSP) believes that the sustained rise of digital payment technologies will continue to facilitate the efficient delivery of financial services to the unbanked and micro-, small-, and medium-enterprises (MSMEs).

BSP Deputy Governor Mamerto Tangonan credited the significant strides in digital payments to the implementation of the BSP’s 2020-2023 Digital Payments Transformation Roadmap (DPTR) with the support of its public and private sector partners.

He noted the exponential growth of the sector, saying that “in 2013, we started with a mere 1 percent share of digital to total retail payments.”

“Fast forward to 2022, and we saw a whopping 42.1-percent share in digital retail payments transactions. I believe we reached our 50-percent target by the end of 2023,” he said.

The impact of the continuing digital transformation is evident at the grassroots level, he said.

Lorna Ortiz and Gloria Santiago, merchants at Carmona Public Market in Cavite, vouched for the tangible benefits on their business from the digital platforms under the Paleng-QR Ph Plus.

“Nearly all vendors here in Carmona are using QR Ph codes. It is seamless, cashless, and directly credits my online transactions to my bank or e-wallet account,” Ortiz said.

She noted the added advantage of easily tracking sales and overseeing transactions.

The Paleng-QR Ph Plus program is one of several digital payment initiatives by the BSP.

It also launched the Bills Pay Ph to unify the country’s fragmented bills payment system and allow users to pay their bills whether or not they have an account with their billers’ payment service provider.

The initiative aims to streamline financial processes and to bridge the gap between those with and without access to financial services. Through these digital payment facilities, an even greater portion of the population can now actively participate in the formal economy.

The BSP is charting the next phase of the country’s digital journey under the 2024-2026 Digital Payments Transformation Roadmap.