e-Money industry supports BSP call to shift from cash to digital payments amid COVID-19

The Electronic Money (e-Money) industry supports the call of the Bangko Sentral ng Pilipinas (BSP) to shift from cash to digital, where possible, in light of the novel coronavirus (COVID-19) pandemic.

“We support the BSP’s call to the public to increasingly use digital transactions, where possible, for social distancing and to avoid crowds in light of the COVID-19 pandemic,” said Orlando B. Vea, chair of the Philippine eMoney Association (PeMA) and CEO and founder of PayMaya Philippines.

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“Digital financial services are already increasingly being used by Filipinos for remittance, person-to-person and bank transfers, bills payments, settlement of government taxes and social service contributions, online commerce, QR payments, and purchase of digital goods. The eMoney industry is fully committed to helping mitigate the spread of COVID-19 through digital financial services,” he added.

PeMA member companies include PayMaya, GCash, GrabPay Philippines, Nationlink Network, and Omnipay. It was formed in 2017 as an association among BSP-licensed non-bank electronic money issuers to help promote the government’s drive toward digitalization of financial transactions and to accelerate financial inclusion among Filipinos, especially at the grassroots.

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