outbrain
Close  

30% of money transactions in PH now done online

/ 05:22 AM November 21, 2019

The Philippines is en route to becoming “cash-lite” by 2023 as nearly a third of financial transactions in the country are already being done online or through digital channels, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Wednesday.

During the launch of the eGov Pay and QR Ph, Diokno told reporters that the BSP had updated its earlier target to capture 20 percent of total payments in the country through digital and electronic means in 2020 to a higher 30 percent.

ADVERTISEMENT

Asked where the Philippines stood at present, Diokno replied: “My guess is we’re now already at 30 percent.”

Diokno said the initiatives under which transactions with government agencies could be paid online and through other digital means were boosting the BSP’s digital transformation program.

FEATURED STORIES

According to Diokno, the Philippines cannot be cashless yet by 2023 but eGov Pay and QR Ph will help the country become cash-lite four years from now.

The eGov Pay is an online facility through which customers can pay their taxes and other government fees via Land Bank of the Philippines’ Link.Biz portal, which accepts payments from deposit or electronic money accounts using PESONet.

While the Bureau of Internal Revenue and the Department of Trade and Industry were the only two agencies using eGov Pay at present, Diokno said he was optimistic that “all government agencies will be part of the system before 2023, if not sooner.”

“I am confident that by 2023, if we all work together, we will have 100-percent [eGov Pay] coverage—that’s a promise,” Diokno said.—BEN O. DE VERA

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Bangko Sentral ng Pilipinas, eGov Pay, Governor Benjamin Diokno, QR Ph
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.