In a promising development for financial inclusion and efficiency, the Bangko Sentral ng Pilipinas (BSP) proudly announced on Tuesday, July 23, the successful achievement of its goal to raise the share of digital payments in retail transactions to 50 percent by 2023. According to the BSP's 2023 Report on E-Payments Measurement, the percentage of digital payment transactions relative to total monthly retail payments soared from 42.1 percent in 2022 to an impressive 52.8 percent in 2023.
Robust Growth in Volume and Value
During a briefing at the BSP office in Manila, Mamerto Tangonan, BSP officer-in-charge, shared the remarkable statistics: a staggering 2.62 billion monthly digital payment transactions were recorded. Furthermore, the total value of these transactions surged to USD 110 billion or PHP 6.1 trillion, marking a substantial increase from 40.1 percent in 2022 to 55.3 percent in 2023.
Driving Forces Behind the Surge
The surge in digital payments was predominantly driven by merchant payments, accounting for 64.9 percent of the monthly digital payments volume. Person-to-person transfers followed closely at 19.3 percent, with business-to-business supplier payments contributing an additional 6.1 percent. This shift underscores a robust trend towards utilizing digital platforms for various financial transactions, indicating growing confidence and adoption among consumers and businesses alike.
Building a Future of Convenience and Inclusion
BSP Governor Eli Remolona Jr. expressed great pride in this achievement, emphasizing its significance beyond statistics. “We take pride in this achievement as proof that our pursuit of a cash-lite economy has consistently been progressing. We owe this to our citizens who are the foremost beneficiaries of a safe, efficient, and inclusive digital payments system," BSP Governor Eli Remolona Jr. said in a statement. The BSP remains steadfast in its mission to cultivate a secure, efficient, reliable, and inclusive payment system that serves every Filipino.
