BSP: Digital Payments To Usher Vibrant MSME Performance

The Bangko Sentral ng Pilipinas (BSP) forecasted that the increased appetite for digital payment methods will continue to accelerate the efficient delivery of financial services to micro-, small-, and medium-enterprises (MSMEs) and the unbanked population.

 

Catalyzed by the implementation of the BSP’s 2020-2023 Digital Payments Roadmap, with the support of public and private sector partners, digital retail payments transactions have grown from one percent share in the total retail payments in 2013 to 42.1 percent share in 2022.

 

The BSP has remained optimistic for a long-term growth in digital payments as it sets its targets for the financial sector through the 2024-2026 Digital Payments Transformation Roadmap.

 

BSP’s national strategy for financial inclusion has driven increased use in digital payment facilities at the grassroots. Paleng-QR Ph Plus, one of BSP’s digital payment initiatives, has been utilized by small merchants due to its benefits in monitoring sales and expediting business transactions. Bills Pay Ph, another program recently launched by the BSP, aims to streamline financial processes and promote financial inclusion within the country.

 

The full press release can be accessed here.

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