The Bangko Sentral ng Pilipinas (BSP) expressed confidence of the sustained rise of digital payment technologies to facilitate the efficient delivery of financial services to the unbanked and micro, small, and medium enterprises (MSMEs).

According to BSP deputy governor Mamerto Tangonan, the significant strides in digital payments is due to the implementation of the BSP's 2020-2023 Digital Payments Transformation Roadmap (DPTR) with the support of its public and private sector partners.

'In 2013, we started with a mere one percent share of digital to total retail payments. Fast forward to 2022, and we saw a whopping 42.1 percent share in digital retail payments transactions,' Tangonan said.

'I believe we reached our 50-percent target by the end of 2023,' he added.

Lorna Ortiz and Gloria Santiago, merchants at Carmona Public Market in Cavite, vouched for the tangible benefits on their business from the digital platforms under the Paleng-QR Ph Plus.

'Nearly all vendors here in Carmona are using QR Ph codes. It is seamless, cashless, and directly credits my online transactions to my bank or e-wallet account,' Ortiz said.

Santiago echoed the benefits of using the QR Ph code, saying her past challenges in handling payments and transactions have been addressed with the adoption of this digital technology.

The Paleng-QR Ph Plus program is just one of several digital payment initiatives by the BSP.

The Bills Pay Ph has also been launched to unify the country's fragmented bills payment system and allow users to pay their bills whether or not they have an account with their billers' payment service provider.

This initiative has two objectives: to streamline financial processes and to bridge the gap between those with and without access to financial services. Through these digital payment facilities, an even greater portion of the population can now actively participate in the formal economy.

The BSP is charting the next phase of the country's digital journey under the 2024-2026 Digital Payments Transformation Roadmap.

Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (