Update on Bangko Sentral Digital Transformation Goal
BANGKO SENTRAL – The Central Bank of the Philippines is eyeing the digital payment for sari-sari stores, tricycle drivers, and others in the micro and informal levels.
Aside from using cash, there is another mode of payment that is widely-used nowadays – digital payments. Truths be told that the COVID-19 pandemic gave digital payments a huge boost in the field.
A huge part of the populace now are into transferring money or payments using their electronic payment transfers like PESONet and InstaPay. It is convenient and you don’t always have to carry cash with you.
Most online payments take place in paying for shopping mall purchases, restaurant bills, hotel fees, and fuel charges. You can transfer money anytime and anywhere.
One of the goals of Bangko Sentral ng Pilipinas is digital transformation and it includes the micro and informal levels. Based on a report on ABS-CBN News, the Central Bank wants digital payments to reach even the sari-sari stores and the tricycle drivers by 2023.
According to BSP Deputy Governor Mert Tangonan, the central bank is eyeing to raise the utilization of digital payments by 50% within the next two to three years. Based on the report, the pursuit is not just for driving volumes but to address the needs of businesses and the people.
The Bangko Sentral officer added that the main goal is a “cash-lite” economy wherein there is an excellent blend between the use of physical cash and digital payments. He stressed that these two (2) may be different in forms but they got the same intentions of providing complete financial transactions to the people, the government, and the businesses.
However, on the other side, the shift to digital payments will cost banks and the BSP lets the banks figure out on how to recovery the costs in the transition. He believes incentives for financial institutions are needed.
Thank you for visiting Moneysense.ph. Feel free to express your thoughts, reactions, or questions through the comment section below.
READ ALSO: PayPal Earnings Skyrocketed As World Embraces “Digital Economy”