BSP beats digital payments volume goal in 2020The BSP is targeting to convert half of retail transactions in the country to digital form by 2023. MANILA, Philippines — The Bangko Sentral ng Pilipinas hit its digital payments volume target in 2020, as more consumers relied on online platforms to transact amid the pandemic. In terms of value, digital payments grew 26.8% year-on-year in 2020 from 25% in the previous year. “This could strongly indicate that Filipino consumers are moving from traditional cash payments to digital payments,” BSP Governor Benjamin Diokno said in an online briefing. According to a BSP report, the rise in digital payments last year was driven by “high-frequency, low value retail transactions” such as person-to-merchant payments and person-to-person payments.

Source: Philippine Star October 07, 2021 11:03 UTC