Shift to e-payments to boost GDP growth – BSP

The ongoing shift to a cash-light from a cash-heavy economy could accelerate the recovery of the country from a pandemic-induced recession, according to the Bangko Sentral ng Pilipinas.

BSP Governor Benjamin Diokno said an empirical study showed that moving to a cashless model would have an impact of more than three percentage points to the gross domestic product of emerging economies like the Philippines and one percentage point in more mature economies.

Diokno said the establishment of the Payments and Currency Management Sector in the BSP, aims to ensure the safety, efficiency and reliability of the payments system in the country.

Under its three-year digital payments transformation roadmap, the BSP has committed to convert 50 percent of the total value and volume of retail payments into digital form and double the number of Filipino adults with bank accounts to 70 percent by 2023.

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