PH to be a ‘coinless society’ by 2025 – BSP

PH to be a ‘coinless society’ by 2025 – BSP

The Philippines will be a coinless society in 2025, as small transactions would then be done by quick response (QR) codes which will be available through the national identification system, said Bangkop Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.

In an interview with BusinessWorld, the central bank chief said this is because the COVID-19 pandemic has accelerated the country’s push to digitize financial transactions.

“I’m very optimistic that the future will be [digitized], that there’ll be less contact in the way we live, in the way we play, in the way we operate, so yes, digitalization will be one of the major beneficiaries of this pandemic,” Diokno added.

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