digital payments

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.

The Phillipines will no doubt be a fascinating growth market for e-commerce and will leverage unique technological, business, and policy solutions to build and increase trust into the e-commerce ecosystem.

As a sign of growing digitalization of financial services in the Philippines, 88% are receptive to a semi-digital payments solution that would allow them to initially confirm the transaction online and then subsequently fulfil the transaction at a physical location.

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

The BSP and several payments industry players also launched a program called QR PH, which is eyed not only to increase e-payments, but also to secure payment transactions.

BSP governor Benjamin Diokno said the use of QR codes is safer than bringing cash since people are less vulnerable to theft and counterfeit money.

Cybercriminals are growing in sophistication, and they are constantly finding new ways to victimize consumers and breach enterprises.

While satisfied with the growth of digital payments in the country, the BSP said it is targeting for the Philippines to become a "cash-lite” society -- and not "cashless" -- for now.