Digital payment preference growing in the country

The Bangko Sentral ng Pilipinas (BSP) reported a significant increase in the preference for digital payments in the country, based on the 2021 Financial Inclusion Survey.

Tricia Defante-Andres, Deputy Director of the BSP’s Payments Policy and Development Department, highlighted how digital payment platforms, such as e-wallets, have expanded access to financial services for Filipinos.

“It’s very encouraging that, as of 2021, 56 percent of Filipino adults are already part of formal financial institutions,” Defante-Andres shared during a media briefing in Western Visayas.

Digital payments have grown substantially, from just 1 percent in 2013 to 52.8 percent in 2023, surpassing the BSP’s 50 percent target under its Digital Payments Transformation Roadmap.

Defante-Andres emphasized the advantages of digital payments for consumers, businesses, and the government. For consumers, digital payments offer fast, safe, and convenient transactions. 

Businesses benefit from improved operational efficiency and reduced costs, while the government experiences fewer revenue leaks due to enhanced transparency and accountability.

To sustain the growth of digital payments, the BSP actively conducts educational campaigns and collaborates with other government agencies to expand digital payment adoption.

“The government is the biggest biller in the country. If more people utilize digital channels to pay government dues, it can further boost digital payment adoption across the board,” she explained.

Acknowledging connectivity challenges in remote areas, Defante-Andres mentioned that BSP is exploring offline digital payment solutions to ensure inclusivity.

She also reminded the public to practice responsible use of digital payment platforms by maintaining good cyber hygiene.

“Always prioritize safety. Exercise good cyber hygiene to maximize the benefits of digital payments and avoid falling victim to scams,” she advised.