Digital payment firm Visa has released its annual digital remittances adoption report, which revealed that the bulk of remittances to the Philippines was sent and received through digital platforms.
The share of digital payment transactions to total monthly retail payments in the Philippines grew from 42.1 percent in 2022 to 52.8 percent in 2023, according to the 2023 Report on E-Payments Measurement of the Bangko Sentral ng Pilipinas (BSP).
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.
The BSP and payments industry are also collaborating on implementing the PesoNet Multiple Batch Settlement (MBS) by year end; establishing an interoperable bills payment facility by early 2022; and rolling out the request-to-pay facility by Q2 2022.
Digital payment firm Xendit has signed up new partners in the Philippines in a bid to expand its operations in the country after raising $150 million Series C funding that elevated the company to a short-list of Southeast Asia unicorns.
