PH moving closer to ‘cash-lite’ dream

ph moving closer to ‘cash-lite’ dream

PH moving closer to ‘cash-lite’ dream

Lorna Ortiz and Gloria Santiago, merchants at Carmona Public Market in Cavite, are raving about the benefits of the Paleng-QR Ph Plus, a digital payment initiative of the Bangko Sentral ng Pilipinas (BSP) that seeks to promote cashless payments in public markets and local transportation, particularly tricycles.

“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 says.

Santiago shares the same view. “My past challenges in handling payments and transactions have been addressed,” she says.

The two public market vendors’ positive assessment proves how the BSP is gaining traction in its bid to promote digital payments. In 2013, the Philippines started with just 1-percent share of digital transactions to total retail payments. Fast forward to 2022, the country has seen a 42.1-percent share in digital retail payments.

BSP’s ambitious goal

Last year, the BSP set a more ambitious goal to shift half of national total retail payments to digital channels. That target is complemented with another goal to raise the ranks of adult Filipinos with bank accounts to 70 percent.

The central bank has yet to publish its accomplishment report, but Deputy Governor Mamerto Tangonan has declared that the BSP likely hit the digital payments goal.

There’s also a chance that the central bank will outdo itself this year, if the projection by Philippine-based fintech startup Mochi is to be believed.

Mochi forecasts that 67 percent of retail payments in the country will be digital in 2024. The company says the prediction is derived from the 43-percent average year-on-year growth rate of digital retail payments from 2019 to 2022, based on data released by the BSP, while also considering the postpandemic slowdown of that growth rate.

Strong adoption of digital solutions,

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