The adoption of digital payments in the Philippines continues to grow significantly.

Data from the 2023 Report on E-Payments Measurement of the Bangko Sentral ng Pilipinas (BSP) shows promising results. It states that 52.8 percent of the monthly retail payments done in 2023 were digital-based — substantially higher than the 42.1 percent from the year before.

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This means the central bank successfully surpassed its target of digitalizing 50 percent of digital payments volume in the Philippines under its Digital Payments Transformation Roadmap 2018-2023.

Moreover, the data also shows that the share of monthly digital payments to total transactions has improved to 55.3 percent in 2023 from 40.1 percent in 2022.

The main factor for the improving use of digital payments is merchant-customer transactions, which account for 64.9 percent of the total monthly digital payments volume. It is followed by person-to-person transfers at 19.3 percent and B2B supplier payments at 6.1 percent.

BSP said that the improving adoption of digital payments will ultimately empower Filipino businesses and consumers to actively contribute to economic growth.

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