Digital payments up 30.3% in 2021
The share of digital payments to total retail payments in the Philippines rose from 20.1% in 2020 to 30.3% in 2021, according to Bangko Sentral ng Pilipinas (BSP).
At the same time, the value of digital payments in the country represented 44.1% of total retail payments in 2021, up from 26.8% in 2020.
BSP Governor Felipe Medalla said that these results show that the country is closer to meeting its goal of 50% of digital payment transactions by the end of 2023.
The central bank’s latest e-payments data also showed that the key contributors to the overall growth of digital payments are high-frequency and low-value retail transactions which include merchant payments, peer-to-peer (P2P) remittances, and business payments of salaries and wages to employees.
Moreover, account-to-account electronic fund transfers also showed an increase last year as more consumers prefer to use digital modes for payments.
“This capability for digital transactions should be within reach of every Filipino in our increasingly digital economy,” Medalla stated.
“Hence, the BSP, with the support of the payments industry led by the Philippine Payments Management, Inc., continues to promote a vibrant and inclusive digital payments ecosystem where every Filipino can actively participate and enjoy its benefits,” he added.
