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An official of the Bangko Sentral ng Pilipinas (BSP) warned of the risk of financial exclusion of some sectors even as the "new normal" makes going digital imperative.

Grab users can also transfer available funds from their GrabPay wallet to their bank accounts and e-wallets.

The BSP earlier said that volume of InstaPay transactions during the ECQ in Luzon from March 17 to May 12 rose by 84%, while PesoNet transactions grew by 24%.

BSP governor Benjamin Diokno said monetary authorities consider as a success the rise in e-payments during the ECQ because of the expansion in the volume and value of transactions.

The Bangko Sentral ng Pilipinas (BSP) has approved the suspension of licensing fees for mobile applications and digital channels that provide electronic payment and financial services (EPFS).

Data from the Bangko Sentral ng Pilipinas showed that transactions using PesoNet and InstaPay visibly increased compared before the lockdown due to restrictions in movement of people outside of their houses.

BSP Center for Learning and Inclusion Advocacy managing director Pia Bernadette Roman-Tayag said fintechs are helping people in their everyday lives, there is a need to “look past the hype and constantly discern whether they have the real potential to solve financial inclusion problems and the real pain points that lead to inclusion.”

QR PH is available for person-to-person (P2P) fund transfers upon launch but will soon be expanded for merchant QR payments.

E-payment usage has also significantly gone up, rising from just 1 percent in 2013 to 10 percent in 2018.

The EGov Pay and National QR Code Standard are in line with the BSP and the payments industry's goal to shift to a cash-light Philippine economy.