In a country with strong digital presence, many Filipinos has adopted digitalization into their lifestyles. An apparent evidence of this is the growing adoption of digital payments among individuals and businesses, which is paving the way towards a cashless society.
Aiming for the country’s transition towards a “cash-lite” society, the Bangko Sentral ng Pilipinas (BSP) has effectively been shifting retail payments to digital channels, paving the way for more businesses to join the new revolution of digital payment and banking. Cashless payments, which include cards, mobile wallets, and QR codes, are continuing to play a significant role in the growth of digital payments in the country.
BSP Deputy Governor Mamerto E. Tangonan previously noted that the use of digital payments has reached its peak during and after the coronavirus disease 2019 (COVID-19) pandemic. He noted that digital retail payments began with 1% in 2013, then jumped to a 42.1% share in 2022, and finally hit the 50% mark in 2023.
In 2022, the BSP reported that the total transaction volume reached 4.85 billion, with 2.04 billion done through digital platforms. The report also said the main driving forces behind this growth were merchant payments, person-to-person transfers, salaries, and wage payments.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.