Online transactions on the rise in Philippines hinh anh 1Digital 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 the central bank urged Filipinos to refrain from cash payment in the 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 and Instapay, surged 276 percent compared to the same period in 2020. The trading value also saw an increase of 127 percent.
For P2P transaction (Peer-to-peer), the volume and value of transactions rose by 23 percent and 38 percent respectively compared to just a month ago.

By the end of April 2021, the PESOnet payment platform had 82 financial institutions and Instapay 52. The BSP Central Bank said this is “encouraging” data showing that cashless transactions are growing in the Philippines./.