BSP, DTI to hold ‘Cashless Expo 2023’
MANILA -The Bangko Sentral ng Pilipinas and the Department of Trade and Industry are holding a “Cashless Expo 2023” on Nov. 17, which is a trade fair that is designed to raise the adoption of electronic payments among Filipinos to a level.
According to BSP and DTI officials, the pioneering event is intended to educate and enable micro, small and medium-sized enterprises to set up enterprise accounts — instead of personal ones, mainly those of the proprietor — when using digital payment systems like e-wallets.
In a ceremony held at the BSP head office that formalized their cooperation to hold the expo, Trade assistant secretary Mary Jean T. Pacheco said one of the ultimate aims of the trade fair was to transform digital transactions to “person-to-merchant” from “person-to-person.”
Pacheco said MSMEs are invited to participate as exhibitors in the expo where, for the first time, only digital payments will be accepted during transactions.
She said that, to help buyers who will visit the fair, participating financial services firms will be on site to help them set up e-wallets if they don’t have one already.
Citing a Consumer Payments Habits study conducted by Visa in 2022, Pachecho said there was a growing trend of cashless payments in the Philippines.
“The study showed that only 16 percent of Filipinos carry loose cash in their wallets and an impressive 84 percent are using cashless transactions,” she said.
“We want to take advantage of this momentum and we believe that the Cashless Expo will be a venue to provide [both MSMEs and consumers] with the experience and the confidence in digital transactions,” she said.
BSP Deputy Governor Mamerto Tangonan said the expo would not only provide the opportunity for MSMEs to adopt digital payments, but also open opportunities for them to grow their business through the use of digital payments, widen consumer reach, and enhance access to credit.
“This expo will likewise promote consumer awareness and induce trial of digital payments to influence their preference by allowing them to experience first-hand the benefits of using digital payments and providing financial literacy sessions where they can learn how to responsibly use such services,” Tangonan said.
Based on the BSP’s annual measurement of e-payments adoption, merchant payments account for about 58 percent of the total retail payment volume. Among merchant payments, 54 percent are done through digital means.
“Our support to the Cashless Expo is clearly aligned with our focus to pursue impactful initiatives that can significantly transform retail payments in the country into digital form,” Tangonan added.
In a related development, the BSP said at least P98.45 million worth of coins have been converted into e-wallet credits through 25 units of coin deposit machines spread out across the Greater Manila Area.
Of the total amount, P96.47 million was in GCash credit and P1.98 million in Maya credit.
Since the machines were first rolled out last June 20 up to Oct. 6, the CoDMs have collected a total of P114.9 million in various coins.