BSP confident it hit digitalization target for retail payments | ABS-CBN
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BSP confident it hit digitalization target for retail payments
BSP confident it hit digitalization target for retail payments
MANILA - The Bangko Sentral ng Pilipinas is confident that it achieved its target of moving half of retail payments from cash to digital platforms in 2023.
MANILA - The Bangko Sentral ng Pilipinas is confident that it achieved its target of moving half of retail payments from cash to digital platforms in 2023.
The BSP was aiming to raise the share of digital payments in retail transactions to 50 percent for 2023 in line with its Digital Payments Transformation Roadmap.
The BSP was aiming to raise the share of digital payments in retail transactions to 50 percent for 2023 in line with its Digital Payments Transformation Roadmap.
While the final data is being collected, BSP Payments and Currency Management Section Deputy Governor Mamerto Tangonan said indicators are giving the central bank reasons to be optimistic.
While the final data is being collected, BSP Payments and Currency Management Section Deputy Governor Mamerto Tangonan said indicators are giving the central bank reasons to be optimistic.
“Looking at digital payment systems, PESONet, InstaPay, every month they break the highest monthly record of transactions. Also in the growth of card payments, they give us confidence that the 50 percent 2023 goal will be achieved,” Tangonan said.
“Looking at digital payment systems, PESONet, InstaPay, every month they break the highest monthly record of transactions. Also in the growth of card payments, they give us confidence that the 50 percent 2023 goal will be achieved,” Tangonan said.
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Under the Philippine Development Plan, digital payments share of retail payments should reach 60 to 70% by 2028.
Under the Philippine Development Plan, digital payments share of retail payments should reach 60 to 70% by 2028.
To achieve this, Tangonan said that getting more people to use digital payments is the key.
To achieve this, Tangonan said that getting more people to use digital payments is the key.
“In any product innovation cycle, if you meet 50 percent, the next 20 percent will be more difficult than the first 50 percent," he said.
“In any product innovation cycle, if you meet 50 percent, the next 20 percent will be more difficult than the first 50 percent," he said.
Tangonan noted that the number number of digital payment transactions per user is increasing.
Tangonan noted that the number number of digital payment transactions per user is increasing.
"That’s a good indication. The key intervention we need to do now is to broaden the base and make digital payments attractive to non-users,” Tangonan said.
"That’s a good indication. The key intervention we need to do now is to broaden the base and make digital payments attractive to non-users,” Tangonan said.
The BSP will release the results of its digitalization efforts in July.
The BSP will release the results of its digitalization efforts in July.
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