HSBC Philippines recorded an exponential increase in digital payment transactions over the past year via PESONet, an electronic fund transfer service in the country.
It said from 120,000 payments in the first quarter of 2020, PESONet transactions increased to 900,000 payments by the end of the first quarter this year, representing a volume growth of 650 percent.
“Since the implementation of the National Retail Payments System in 2017, HSBC has worked closely with the industry and our customers to drive the adoption of digital payments. The exponential growth in our PESONet volume shows how our corporate customers have adapted to the current challenges brought about by COVID-19, and how they are preparing for the future,” said Mimi Concha, head of wholesale banking at HSBC Philippines.
“However, by March 2021, we observed that check volume was gradually picking up, despite the high-cost and the risk of face-to-face transactions. We knew then that we had act to provide our customers with better alternatives and encourage them to utilize more convenient and safer digital payment options,” Concha said.