The Bangko Sentral ng Pilipinas is expanding the country’s digital payment platforms to speed up the transition to a cash-lite and eventually a coinless and cashless society.
BSP Governor Benjamin Diokno said various payment digitalization initiatives will be implemented starting April as the central bank aims to transform half of retail transactions to digital channels by 2023.
Diokno said the BSP is on track for the planned pilot run of quick response or QR person-to-merchant in April to augment the person-to-person payment.
He noted, “This initiative will benefit not only large businesses, but also the small unbanked vendors such as tricycle drivers, market vendors, and sari-sari store owners.”
The QR Ph is being used as a viable alternative to coins as it caters to low value, high volume transactions, such as payments to merchants and person-to-person payments. It empowers small economic actors to take part in the digital payment ecosystem.