Digital payments are growing in the Philippines as consumers avoid cash to avoid catching coronavirus (Photo: NikkeiAsia) Hanoi (VNA) - Online transactions are on the rise in Philippines after thecentral bank urged Filipinos to refrain from cash payment inthe context of complicated development of COVID-19.
On June 1, the Philippines’ central bank BSP said in April only, the trading volume through two platforms – the PESOnet andInstapay, surged 276 percent compared to the same period in 2020. The tradingvalue also saw an increase of 127 percent.
On June 1, the Philippines’ central bank BSP said in April only, the trading volume through two platforms – the PESOnet andInstapay, surged 276 percent compared to the same period in 2020. The tradingvalue also saw an increase of 127 percent.
For P2P transaction (Peer-to-peer), thevolume and value of transactions rose by 23 percent and 38 percent respectivelycompared to just a month ago.
By the end of April 2021, the PESOnet payment platform had 82financial institutions and Instapay 52. The BSP Central Bank said this is “encouraging”data showing that cashless transactions are growing in the Philippines./.
By the end of April 2021, the PESOnet payment platform had 82financial institutions and Instapay 52. The BSP Central Bank said this is “encouraging”data showing that cashless transactions are growing in the Philippines./.
VNA
