Bangko Sentral ng Pilipinas Governor Benjamin Diokno is optimistic the Digital Payments Transformation Roadmap targets of digitalizing at least 50 percent of retail payments volume and bringing 70 percent of Filipino adults to the formal financial system through a payment or transaction account will be doable by 2023.
“We are confident of hitting the twin goals,” Diokno said as he cited the latest digitalization and financial inclusion figures during the HSBC Digital Bankers Forum held recently.
In terms of volume, the share of digital payments to total financial transactions reached 20.1 percent in 2020 from 14 percent in 2019 and only 1.0 percent in 2013.
“As more Filipinos embrace the convenience of digital payments, we expect the phenomenal growth in digital financial transactions to continue in the years ahead,” he said.
Meanwhile, registered e-money accounts reached 138.8 million last year with the total number of transactions at 1.7 billion.