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Manila Bulletin devider Business devider PH is cashlite by 2022 – BSP chief

PH is cashlite by 2022 – BSP chief

Published Jun 2, 2021 06:00 am

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said 50 percent of all payment transactions in the country will be in digital form by 2022, one year earlier than previous target of 2023.

 “Before the end of 2022, we will accomplish those goals,” Diokno said during the virtual Institute of International Finance Asia Pacific forum. He has previously mentioned that digitalization targets could be achieved ahead of schedule.

BSP Governor Benjamin E. Diokno (Credit: BSP photo)

 The objectives and goals of the BSP’s three-year Digital Payments Transformation Roadmap is to encourage and foster customer preference for digital payments. Its two main goals is to convert 50 percent of the total volume of retail payments into digital form by 2023 and to have 70 percent of Filipino adults to have formal accounts with banks and non-bank e-money issuers, also by 2023.

 Based on BSP data, the volume of digital payments is at 17 percent as of mid-2020. The share of monthly digital payments in terms of volume has been steadily increasing from just one percent in 2013, to 10 percent in 2018 and 14 percent in 2019, according to Better Than Cash Alliance (BTCA). In terms of value, the monthly digital payments grew to 24 percent of all transactions in 2019 from 20 percent in 2018. By value, digital payments grew by 25 percent by mid-2020.

 In April, the combined PESONet and InstaPay transactions increased by 276 percent year-on-year in volume and 127 percent in value, based on BSP data.

 The volume and value of QR Ph person-to-person payments also went up by 23 percent and 38 percent year-on-year.

 There are 82 BSP supervised financial institutions (BSFIs) in PESONet and 52 in InstaPay.

 “The data are encouraging. These indicate the sustained adoption of digital payments in the country,” said the BSP. “The preference of consumers for safety in their financial transactions, coupled with the readiness of the BSFIs to offer digital payment choices that are safe, convenient, and affordable will continue to support the widespread use of digital payments.”

 To reach a cashlite economy sooner, the BSP is adopting three digital payment streams in the third and fourth quarters this year beginning with the QR Ph person-to-merchant via InstaPay.

 By the third quarter this year, the BSP is launching the Multiple Batch Settlement Scheme for PESONet, and the interoperable Bills Payment facility.

 The Request to Pay facility is scheduled to be launched in the last quarter of this year while the Direct Debit is scheduled for 2022.

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