The Bangko Sentral ng Pilipinas (BSP) is eyeing offline digital payment solutions to enable transactions without the need for internet connection in an effort to boost financial inclusion in off-grid areas.
Governor Diokno said that while an effective and reliable internet connectivity is a necessary condition for digital finance to flourish, the central bank is also pursuing digital solutions to enable ‘offline payments.’
The BSP is working on this initiative under the Digital Payments Transformation Roadmap (DPTR) which aims to convert 50 percent of the volume of retail payments into digital form and onboard 70 percent of Filipino adults to the formal financial system by 2023.
The Governor discussed digital reforms during the Philippine Economic Society’s (PES) virtual conference themed, “Building Back Better: Harnessing Digitalization Towards a Transformed Philippines.”
Representatives from the private and public sectors, members of the academe from local and international institutions, and students across the country attended the three-day virtual conference.
PES is a non-stock and non-profit organization whose primary purpose is to encourage professional relations among economists and seek to improve the standards of economic research and instruction in the Philippines.