BSP encouraged Filipinos to send cash gifts through digital wallets.
BSP — The Bangko Sentral ng Pilipinas encouraged Filipinos to send cash gifts through digital wallets this holiday season.
In a statement issued last November 22, the central bank said that digital wallets or e-wallets were the way to go when sending cash gifts this holiday season.
BSP Governor Benjamin E. Diokno said that digital wallets offered a secure, safe, efficient, and convenient way to transfer funds to friends and family during the holiday season.
According to Diokno, using digital wallets was seen by the central bank as a “highly recommended” alternative to giving cash gifts as this eliminated physical contact.
The central bank also said that using e-wallets as an alternative to giving cash gifts will allow the Filipino tradition of giving aguinaldo to friends, family, and significant others to continue despite restrictions on face-to-face gatherings and mobility.
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The widespread use of digital money was parallel with the central bank’s digital payment transformation and financial inclusion goals.
BSP’s latest report showed that 20% of the payments volume last 2020 were digitally conducted, driven by electronic fund transfers.
The BSP aimed to have at least half of all transactions by 2023 completed through digital platforms.
According to the central bank, setting up interoperable payment systems had been crucial amidst the accelerated adoption of digital payments in pandemic.
Diokno said that the central bank was able to lay out the critical foundations to an interoperable National Retail Payment System, allowing payment-service providers to innovate and offer responsive digital payment services and products even before the pandemic.
“These helped ease the burden of Filipinos given the social mobility restrictions brought about by the health protocols,” Diokno said.
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