Based on the data of the Bangko Sentral ng Pilipinas (BSP), digital payment transactions in the country rose from 42.1% in 2022 to 52.8% in 2023.
This growth, as recorded in BSP’s 2023 Report on E-Payments Measurement, indicates that the central bank has exceeded its target of digitalizing 50% of payment volume under its Digital Payments Transformation Roadmap 2018-2023.
“We take pride in this achievement as proof that our pursuit of a cash-lite economy has consistently progressed,” said Bangko Sentral Governor Eli Remolona. “We owe this to the citizens who are the foremost beneficiaries of a safe, efficient, and inclusive digital payments system. We are ready to bring digital finance to new heights as we serve their payment needs and deepen financial inclusion.”
Transaction value or the share of monthly digital payments, has recorded an increase from 40.1% in 2022 to 55.3% in 2023. The BSP attributed this to this rise in merchant payments, which accounted for 64.9% of the digital payment volume, person-to-person transfers at 19.3%, and business-to-business supplier payments at 6.1%.
E-payments
The increase in digital payments aligns with the growing ownership of transaction accounts, predominantly e-money accounts, which are becoming more common for payment activities.
Remolona stressed that achieving this target is only a step toward the broader goal of transforming lives through BSP’s policies. He highlighted the convenience and efficiency digital payments bring, especially for overseas remittances, and for micro, small, and medium enterprises (MSMEs) that can now engage more seamlessly in digital transactions.
In collaboration with the payment industry, BSP said it is well-positioned to further advance digital payments, empowering Filipino businesses and consumers to play a more active role in the country’s economic growth. Remolona reiterated that the ultimate vision is to see digital payments become the preferred mode for every Filipino, ensuring a secure, efficient, and inclusive payment system.