April 24, 2020 – The enhanced community quarantine (ECQ) has triggered an increase in the number of people using digital banking in the Philippines.
The ECQ is currently in effect until May 15, 2020 in various regions in the Philippines. According to UnionBank of the Philippines President Edwin Bautista, many Filipinos have seen the advantages of online banking during the lockdown. The bank said it witnessed their daily signups increased by 160%.
The bank also processed more than 500,000 credit card transactions and over 1 million InstaPay and PESONet fund transfers for free, reports Philstar.
CIMB Bank Philippines, a 100% digital bank licensed by the Bangko Sentral ng Pilipinas, said they have also seen an increase in net account deposits.
Bank of the Philippine Islands (BPI) said they recorded close to 100,000 customer sign-ups in just one month. This brings their digital customer base to 4 million. The bank also facilitated 1.5 million transactions that is worth Php 8 billion. It has also seen 4.5 million ATM cash transactions worth Php 21 billion. BPI Chief Digital Officer Noel Santiago said necessity is driving the rapid adoption of digital. He also said the statistics confirm that digital banking is no longer an option as people now realize they can do financial transactions at home.
The Bangko Sentral ng Pilipinas (BSP) is encouraging the use of e-payments during the enhanced community quarantine (ECQ) to prevent the spread of COVID-19 by reducing face-to-face transactions.
This article is published on BitPinas: Digital Banking Grows During ECQ