Digital payment use growing

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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.”

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“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.

Lorna Ortiz and Gloria Santiago, merchants at Carmona Public Market in Cavite, vouched for the tangible benefits on their business from the digital platforms under the Paleng-QR Ph Plus.

Ortiz said, “Nearly all vendors here in Carmona are using QR Ph codes. It is seamless, cashless, and directly credits my online transactions to my bank or e-wallet account.” She further noted the added advantage of easily tracking sales and overseeing transactions.

Santiago echoed the benefits of using the QR Ph code. She said, “My past challenges in handling payments and transactions have been addressed with the adoption of this digital technology.”

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