Online transactions on the rise in Philippines
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.
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 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.
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./.
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./.