PH reaches target of digitalizing 50% of retail payments

Transcript

00:00The share of digital payment transactions in the Philippines jumped from 42.1% in 2022 to 52.8% in 2023,

00:09achieving the Banko Sentral ng Pilipinas, or BSP's target, to digitalize 50% of payment volumes.

00:17BSP Governor Eli Remolona praised the Filipinos for embracing a safe and inclusive digital payment system.

00:24Merchant payments led this growth at 64.9%, followed by person-to-person transfers at 19.3%,

00:33and business-to-business payments at 6.1%.

00:37The BSP plans to further advance digital payments to empower Filipinos, with Remolona

00:42stressing this achievement is a step towards transformative changes in financial inclusions.