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DIGITALIZATION & FINANCIAL INCLUSION

Considered New Economy

11 Aug 2021

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During the 2021 Outstanding BSP Stakeholders Appreciation virtual ceremony, the BSP Governor mentioned that “Financial technology makes transactions easier and faster, which in turn, speeds up income. It also makes financial products and services accessible to a greater number of people, which in turn, enhances financial inclusion,”

Together with the mention of ease and convenience digital payments bring, Diokno adds that BSP aims to have about 70 percent of Filipino adults have their own financial accounts by 2023. 
 
Following the strict imposition of lockdown and other quarantine measures given the pandemic, digital payments and electronic fund transfers have skyrocketed – particularly InstaPay and PesoNet. 

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According to Diokno, "InstaPay transactions increased by 155.4 percent year-on-year in May 2021 while PesoNet transactions rose by 22" 

 
In 2020 alone, it was recorded that more than 8 million accounts were created in terms of electronic accounts. This is still expected to grow over the next coming months given that digital transactions are expected to take over in this new age of contactless payments.

“The use of QR codes have also been boosted after the central bank launched its person-to-merchant (P2M) program", he added

 
According to the BSP Governor, “Compared with using point-of-sales terminals, QR technology presents small merchants with a simple and more affordable payment facility.”

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Published 11 Aug 2021

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