The Bangko Sentral ng Pilipinas (BSP) said it is bullish on the sustained rise of digital payment technologies in the country, saying that 50 percent of retail payments are now in digital format.
BSP deputy governor Mamerto Tangonan credits 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.
Citing the exponential growth of the sector, he added, “In 2013, we started with a mere one 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 this continuing digital transformation is evident at the grassroots level, the BSP 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.
Ortiz said, “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.”
She further noted the added advantage of easily tracking sales and overseeing transactions.
Santiago echoed the benefits of using the QR Ph code. She said, “My past challenges in handling payments and transactions have been addressed with the adoption of this digital technology.”
The Paleng-QR Ph Plus program is one of several digital payment initiatives by the BSP.
The Bills Pay Ph has also been launched 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 has two objectives: 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 participate in the formal economy.
The BSP said it is now charting the next phase of the country’s digital journey under the 2024-2026 Digital Payments Transformation Roadmap.