The Bangko Sentral ng Pilipinas (BSP) is on track to achieve its goals to digitize 50% of all retail payments and to bring 70% of adult Filipinos into the financial system this year, its governor said. READ:
BSP Governor Felipe M. Medalla said digitizing 50% of transactions and onboarding 70% of Filipinos is “going quite well.”
According to latest data from the BSP, the share of digital payments in the total volume of retail transactions jumped to 30.3% in 2021 from 20.1% a year earlier. The value of payments done online stood at 44.1% of 2021’s total retail transactions, higher than the 26.8% share in 2020. “Now, of course, nothing is more frustrating than when your bank does not include one of your credit cards or one of your billers is not on its list of payees. Now that is being answered, as well, with all the other innovations that are happening because of this,” Mr. Medalla added., UNO Digital Bank President and Chief Executive Officer Manish Bhai said digital payments have increased significantly over the past few years.
Under the BSP Circular No. 1055, the central bank required all participating payment service providers to adopt QR Ph for interoperability. As of April 2022, there were 28 and 17 financial institutions participating in the P2P and P2M facilities, respectively. Based on the 2021 Financial Inclusion Survey of the central bank, financial account ownership rose to 56% in 2021 from 29% in 2019. This is equivalent to 42.9 million of Filipino adults.
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