By Inquirer.Net
Nearly three of every five retail payment transactions in the Philippines were done digitally in 2024, smashing the government’s target for last year amid a strong regulatory push to transform the country into a cash-lite society.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed digital payments cornered 57.4 percent of the total volume of retail transactions, up by 4.6 percentage points from the 2023 ratio of 52.8 percent.
Nearly three of every five retail payment transactions in the Philippines were done digitally in 2024, smashing the government’s target for last year amid a strong regulatory push to transform the country into a cash-lite society.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed digital payments cornered 57.4 percent of the total volume of retail transactions, up by 4.6 percentage points from the 2023 ratio of 52.8 percent.
Such a result surpassed the government’s 2024 goal to convert 52 to 54 percent of retail transactions to digital. In terms of value, total monthly digital payments reached $136 billion last year, accounting for 59 percent of the nation’s overall retail transaction value.
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