Illustrative image (Source: imoney.ph) Hanoi (VNA) - The value of electronic money transactions in the Philippines surged by 36.2 percent to 1.48 trillion peso (over 29.5 billion USD) in 2019 from 1.09 trillion peso in 2018.
The amount is expected to rise further as the country’s central bank (BSP) has promoted digitalisation.
Vicente de Villa, managing director of the central bank’s financial technology sub-sector, said the accelerating growth in e-money transactions represents a positive development to the BSP’s active effort in promoting e-payments.
Data showed the value of e-money inflows surged by 36.4 percent to 745.23 billion peso in 2019. On the other hand, the value of e-money outflows likewise jumped by 36.1 percent to 740.13 billion peso.
De Villa said the volume and value of e-money transactions are likely to spike this year as more Filipinos shifted to electronic payments amid the pandemic.
To date, the BSP has issued more than 50 EMI licenses, including 31 banks and 23 non-banks.
During the lockdown, he said the BSP approved three new non-bank EMIs including Paynamics Technologies Inc., UPay Digital Technologies, and WIBS PHP Inc.
The BSP launched the National Retail Payment System (NRPS) in December 2015, paving the way for the introduction of clearing houses to raise the level of digital payments to 20 percent by 2020 from only one percent in 2013./.
During the lockdown, he said the BSP approved three new non-bank EMIs including Paynamics Technologies Inc., UPay Digital Technologies, and WIBS PHP Inc.
The BSP launched the National Retail Payment System (NRPS) in December 2015, paving the way for the introduction of clearing houses to raise the level of digital payments to 20 percent by 2020 from only one percent in 2013./.
VNA
