The Bangko Sentral ng Pilipinas (BSP) confirmed that digital transactions in the Philippines are progressively increasing despite stricter community restrictions because of COVID-19.
“Combined PESONet and InstaPay transactions in April this year were higher by 276 percent in volume and 127 percent in value, compared to the figures recorded during the same month in 2020,” the BSP said in a statement.
The central bank also disclosed that there are already 82 BSP-Supervised Financial Institutions (BSFIs) participating in PESONet, a batch electronic fund transfer (EFT) which can be considered as an electronic alternative to the paper-based check system and 52 in InstaPay, a real-time, low value EFT for transaction amounting up to P50,000 and is useful for e-commerce.
Along with the new report is the current BSP drive to promote the National QR Code Standard also known as “QR PH.”
According to BSP, QR Codes are the turning point in the country’s digital transformation journey because it leverages on the efficiency, safety, and affordability of the QR technology.
“I am happy to report that the volume and value of QR PH person-to-person payments in February this year also increased by 22 percent and 26 percent respectively, compared to the figure posted a month earlier.” BSP Governor Benjamin Diokno said in his speech at the UnionBank Innovation Campus.
The BSP said the currently collected data is encouraging and is indicating the sustained adoption of digital payments in the country. “The preference of consumers for safety in their financial transactions, coupled with the readiness of the BSFIs to offer digital payment choices that are safe, convenient, and affordable will continue to support the widespread use of digital payments.”
“New adopters have experienced first-hand the advantages of going digital. Their positive experiences are expected to create a ripple effect and to promote the wider use of digital payments,” BSP also added.
The BSP previously said that digitalization is a key beneficiary of the pandemic and has urged the country to embrace a new normal society. “The way we shop and the way we live will be different from the old normal. So the sooner we adjust to the new normal, I think it’s better for the economy,” Gov. Diokno said in an earlier interview. While he does not think a cashless society will be achieved within his lifetime, he believes something close to it will happen in the next three years. “I can assure you a coinless society by 2025 because that will be replaced by the QR Code PH which we are pushing to get to our national ID,” he remarked.
This article is published on BitPinas: BSP: PH Digital Transactions Increase Despite the Health Crisis