Bangko Sentral ng Pilipinas President Benjamin Diokno stated on December 28 that the Central Bank of the Philippines is confident that 50% of retail payments will be made digitally in less than two years, as the country is building on a surge in electronic transactions. On the basis of the COVID-19 pandemic. According to a report in the Manila Bulletin, Diokno also believes that by 2023, the goal of 70% of Filipino adults with traditional bank or electronic money accounts is achievable. As the country’s digitalization and financial inclusion have improved in the past, both seem to be possible. “We are confident…
Bangko Sentral ng Pilipinas President Benjamin Diokno stated on December 28 that the Central Bank of the Philippines is confident that 50% of retail payments will be made digitally in less than two years, as the country is building on a surge in electronic transactions. On the basis of the COVID-19 pandemic.
Diokno also believes that by 2023, the goal of 70% of Filipino adults with a traditional bank or electronic money account is also achievable. Manila bulletin Report. As the country’s digitalization and financial inclusion have improved in the past, both seem to be possible.
“We are confident that we will achieve these two goals,” Diokno said at a banking forum, adding that by the first quarter of 2021, the proportion of Filipino adults with a bank account has reached 53%, close to 70%. Target.
“Through financial digitization, I believe that we will achieve a stronger post-Covid economy soon,” Diokno pointed out.
Digital payments accounted for only 1% in 2013
In 2020, digital payments accounted for approximately 20% of the total financial transactions in the Philippines, up from 14% in 2019 and 1% in 2013.
“As more and more Filipinos accept the convenience of digital payments, we expect the significant growth of digital financial transactions to continue in the next few years,” Diokno said.
The growth of digital payments is expected to be supported by more sophisticated electronic retail payment systems, but also by the emergence of digital banks in the Philippines.
Six licensed digital banks in the Philippines
Currently, there are six licensed digital banks in the country, namely Overseas Philippine Banks, or OFBank, Tonik Digital Bank, UNObank, Union Digital Bank, GOTyme and Maya Bank.
In August, Diokno announced that the country’s central bank would stop accepting digital banking applications to allow regulators to “monitor” the industry.
