BSP fosters digitalization

The Bangko Sentral ng Pilipinas (BSP) continues to foster digitalization under its Digital Payments Transformation Roadmap for 2020-2023.

In a speech delivered during Fintech Alliance PH’s General Membership Meeting yesterday, BSP Payments and Currency Management Sector Deputy Governor Mamerto Tangonan said, “The roadmap charts the BSP’s current initiatives and strategy in advancing an efficient, inclusive, safe, and secure digital payments ecosystem.”

“The adoption of digital payments is essential especially in what they call the ‘new world’ where we have to be mindful of health risks. This enables new business models to emerge during this time when we have restricted mobility,” he added.

The BSP’s DPTR identifies two key strategic objectives:

First is the strengthening of consumer preference for digital payments by converting 50% of the total volume of retail payments into digital form and expanding the financially included Filipino adults to 70% by onboarding them to the formal financial system through the use of payment or transaction accounts.

Second, the availability of more innovative digital financial products and services designed to be responsive to the needs of consumers, enabled by a digital ID, and supported by the availability of next generation payment and settlement system to facilitate real-time processing of financial transactions.