DIGITAL PAYMENTS in the Philippines posted steady growth last year, making up almost 60% of both the volume and value of total monthly retail transactions, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.
The BSP’s 2024 Status of Digital Payments in the Philippines report released on Monday showed that the share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024.
These are up from 52.8% and 55.3%, respectively, in 2023. The BSP said in its report that these were also higher than the 2024 target of 52-54% for digital payments set under the Philippine Development Plan 2023-2028.
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