The value of Philippine electronic money transactions surged by 36 percent to 1.48 trillion pesos in 2019 from 1.09 trillion pesos in 2018. The amount is expected to rise further as the Bangko Sentral ng Pilipinas promotes digitalization amid COVID-19 after launching the National Retail Payment System in December 2015.
Vicente de Villa, managing director of the central bank’s financial technology sub-sector, said the jump in the value of transactions observed last year is more pronounced considering the slower 13 percent growth recorded in 2018.
De Villa said, “This accelerating growth in e-money transactions represents a positive development to the BSP’s active effort in promoting e-payments.”
Data showed the value of e-money inflows surged by 36 percent to 745 billion pesos in 2019 from 546 billion pesos in 2018 as volume surged by 50 percent. On the other hand, the value of e-money outflows likewise jumped by 36 percent.