E-wallet transactions more than triple

Electronic money transactions processed by fintech companies led by PayMaya and GCash more than tripled as the shift to digital payments from traditional cash transactions accelerated amid the global health pandemic, according to the Bangko Sentral ng Pilipinas.

Melchor Plabasan, director of the Technology Risk and Innovation Supervision Department at the BSP, said the value of transactions processed by non-bank electronic money issuers reached 974 billion pesos from January to September last year, 236 percent higher than the 290 billion pesos recorded in the same period in 2019.

This resulted from a 652-percent jump in volume to 829 million from 177 million due to the digital initiatives of EMIs to effectively reach their target markets amid the COVID-19 pandemic.

He said, “Growth will be driven in part by companies continuing to pursue digital transformation and explore new ways to reach targeted market segments.”

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