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BSP Appreciates Cashless Malling — Deputy Governor

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Editing by Nathaniel Cajuday

The central bank commends the adoption of electronic payments in malls as this initiative facilitates an inclusive digital payments ecosystem. This was the assurance of Bangko Sentral ng Pilipinas (BSP) Deputy Governor Bernadette Romulo-Puyat during the launch of “Cashless Malling at SM” in Pasay City.

The deputy governor highlighted that the digitalization of mall transactions will enable more Filipinos to enjoy the benefits of digital finance, such as the safety, convenience, and speed of electronic payments.

On the other hand, BSP Deputy Governor Mamerto E. Tangonan stressed that digital payments encourage unbanked Filipinos to open a bank or electronic wallet account, which enables them to save money and access credit. 

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Aside from the aforementioned deputy governors, the event also had the participation of Department of Trade and Industry Assistant Secretary Mary Jean Pacheco, Department of Information and Communication Undersecretary David Almirol Jr., SM Supermalls President Steven Tan, SM Engineering Design and Development President Hans Sy Jr., and SM Malls Online App Vice President for Operations.

Last month, the BSP also recognized the collective effort of the banking industry in supporting the country’s economic growth and ongoing digitalization. The central bank noted that the banking system is well-managed; as evidenced by its continuous growth in assets, loans, and deposits that support the funding needs of the country’s growing economy. (Read more: BSP Recognizes Banking Industry Efforts In Supporting Economic Growth, Digitalization)

While the central bank is actively pushing for digitalization, it still reminded the public that coins are still currently in circulation and should be accepted as payment or change in cash transactions. (Read more: BSP Reminds Public to Accept Coins for Payment

Recently, the BSP disclosed that they are still pushing forward with the Central Bank Digital Currencies (CBDC) in response to the United Nations Economic and Social Commission for Asia and the Pacific’s (UNESCAP) recommendation that nations do so as a means of accelerating economic growth. (Read more:  ANC Report: BSP Still Pursuing CBDC Project)

This article is published on BitPinas: BSP Appreciates Cashless Malling — Deputy Governor

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