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Bangko Sentral ng Pilipinas Bullish About Growth in Digital Payments and its Advantages for Small Businesses
The Bangko Sentral ng Pilipinas (BSP) is bullish that the sustained rise of digital payment technologies will continue to facilitate the efficient delivery of financial services to the unbanked and micro-, small-, and medium-enterprises (MSMEs).
BSP Deputy Governor Mamerto Tangonan credits the significant strides in digital payments to the implementation of the BSP’s 2020-2023 Digital Payments Transformation Roadmap (DPTR) with the support of its public and private sector partners.
Citing the exponential growth of the sector, he added, "In 2013, we started with a mere one percent share of digital to total retail payments. Fast forward to 2022, and we saw a whopping 42.1 percent share in digital retail payments transactions."
“I believe we reached our 50-percent target by the end of 2023,” he said.
The impact of this continuing digital transformation is evident at the grassroots level.
The Paleng-QR Ph Plus program is just one of several digital payment initiatives by the BSP.
The Bills Pay Ph has also been launched to unify the country's fragmented bills payment system and allow users to pay their bills whether or not they have an account with their billers' payment service provider.
This initiative has two objectives: to streamline financial processes and to bridge the gap between those with and without access to financial services. Through these digital payment facilities, an even greater portion of the population can now actively participate in the formal economy.
The BSP is charting the next phase of the country’s digital journey under the 2024-2026 Digital Payments Transformation Roadmap.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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