BSP Holds Digital Payments Leaders Summit as the Country Moves Closer to a Cash-lite Economy

Leaders from the government and the private sectors renewed their commitment to accelerate the adoption of electronic payments in the country during the Digital Payments Leaders Summit held today at the head office of the Bangko Sentral ng Pilipinas (BSP) which spearheaded the event.

The summit was marked by the release of the study of the United Nations-based Better Than Cash Alliance (BTCA) which reported that the volume of e-payments usage in the Philippines grew from 1% in 2013 to 10% in 2018, while the value of e-payments rose from 8% to 20% during the same period. The study also revealed that women in the Philippines are ahead of the men in adopting digital payment solutions.

According to BSP Governor Benjamin E. Diokno, This development affirms that significant progress is attainable through effective cooperation as we harmonize our efforts towards promoting a cash-lite economy. In view of its immense potential to foster financial inclusion, the rising usage of e-payments is seen to provide robust support to our shared goal of promoting inclusive economic growth.

In line with this, the leaders summit identified key areas of cooperation, namely: social benefit transfers; payments to merchants and billers including payments to the government; payments to suppliers; and remittances, which are critical use cases in making digital payments widely available and acceptable throughout the country.

Governor Diokno said, These efforts are aimed at bringing the country closer to our ultimate objective of having an inclusive payment system where no adult Filipino is left behind in terms of access to payment and other basic financial services.

The BSP actively promotes the use of e-payments. Recently, it launched the EGov Pay facility which enables online payment of taxes and government fees; and the QR PH, which is the country's QR Code standard that allows convenient person-to-person money transfers. The BSP pursues these initiatives with the payments industry led by the Philippine Payments Management, Inc.

Source: Bangko Sentral ng Pilipinas (BSP)