Illustrative image (Source: imoney.ph) Hanoi (VNA) - The value of electronic money transactions in the Philippinessurged by 36.2 percent to 1.48 trillion peso (over 29.5 billion USD) in 2019from 1.09 trillion peso in 2018.
The amount isexpected to rise further as the country’s central bank (BSP) has promoteddigitalisation.
Vicente de Villa,managing director of the central bank’s financial technology sub-sector, said theaccelerating growth in e-money transactions represents a positive developmentto the BSP’s active effort in promoting e-payments.
Data showed thevalue 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 36.1percent to 740.13 billion peso.
De Villa said thevolume and value of e-money transactions are likely to spike this year as moreFilipinos shifted to electronic payments amid the pandemic.
To date, the BSPhas issued more than 50 EMI licenses, including 31 banks and 23 non-banks.
During thelockdown, he said the BSP approved three new non-bank EMIs including PaynamicsTechnologies Inc., UPay Digital Technologies, and WIBS PHP Inc.
The BSP launchedthe National Retail Payment System (NRPS) in December 2015, paving the way forthe introduction of clearing houses to raise the level of digital payments to20 percent by 2020 from only one percent in 2013./.
During thelockdown, he said the BSP approved three new non-bank EMIs including PaynamicsTechnologies Inc., UPay Digital Technologies, and WIBS PHP Inc.
The BSP launchedthe National Retail Payment System (NRPS) in December 2015, paving the way forthe introduction of clearing houses to raise the level of digital payments to20 percent by 2020 from only one percent in 2013./.
VNA
