DTI welcomes digital payment platforms for MSMEs

On 21 September 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual led the signing of the Memorandum of Agreement (MOA) between DTI E-Commerce Division and GoDigital Pilipinas Movement Inc., for the upcoming Cashless Expo 2023.

The DTI Chief underscored that this partnership is vital to the Department’s mission of promoting the benefits of adopting digital payments, particularly for micro, small, and medium enterprises (MSMEs).

Secretary Pascual said, “This multifaceted approach in encouraging small businesses to adopt digital payments is aligned with the goal of the government to promote digital inclusivity through innovation to ensure that local enterprises remain globally competitive. Through a whole-of-government approach, the DTI will partner with both public and private stakeholders to foster digital transformation and wider accessibility for our enterprises.”

The objectives of the MOA are: (1) to increase digital payment adoption by merchants, and (2) to encourage cashless transactions among consumers. Following the e-Commerce Philippines 2022 Roadmap launched earlier in [month] last year, this agreement further strengthens the aim of the Department in promoting digitalization and financial inclusion among merchants and consumers.

The Cashless Expo 2023, scheduled on 17-19 November 2023, is a collaboration between the DTI Digital Philippines E-Commerce Division and the GoDigital Pilipinas Movement. It aims to ramp up efforts to increase digital payments across the nation. The event is supported by other government agencies such as the Department of Tourism (DOT), the Department of Agriculture (DA), and the Bangko Sentral ng Pilipinas (BSP), along with the private sector and digital payment enablers.

 

The Cashless Expo 2023, the first cashless expo in the Philippines, will be a three-day trade show that will feature micro, small, and medium enterprises (MSMEs) that pioneer entirely cashless transactions. It will also showcase businesses using digital payment methods like e-wallets, debit/credit cards, online bank transfers, and QR codes or Near Field Communication (NFC) technology to enable contactless transactions.

The DTI Chief stressed the significance of digital transformation to enable MSMEs to be globally competitive, saying, “This event takes us one step closer to our goal of encouraging the adoption of digital payments across all industries. As the DTI works on a science, technology, and innovation (STI) driven approaches, we encouraged both public and private sectors to work with us in ensuring that digital transformation will happen in the Philippines.”