In a statement, the regulator said that this surpasses the its target of digitalizing 50% of payment volume under its Digital Payments Transformation Roadmap 2018-2023.
“We take pride in this achievement as proof that our pursuit of a cash-lite economy has consistently been progressing,” BSP Governor Eli Remolona Jr. said. “We owe this to our citizens who are the foremost beneficiaries of a safe, efficient, and inclusive digital payments system.”
In terms of value, digital payments' share of total transactions increased to 55.3% in 2023 from 40.1% in 2022.
Merchant payments were the main contributors, making up 64.9% of monthly digital payments volume, followed by person-to-person transfers at 19.3%, and business-to-business payments at 6.1%.
The BSP said that, in collaboration with the payment industry, it is set to further advance digital payments, empowering Filipino businesses and consumers to drive economic growth.
Remolona emphasized that the goal is to transform lives through policy, facilitating faster and cheaper remittances and enabling digital transactions for businesses and individuals.
“When overseas Filipinos conveniently send remittances at faster and cheaper rates; when businesses, particularly micro, small and medium enterprises, accept e-payments and transact with suppliers and billers digitally; and when every Juan and Maria’s preferred mode of payment is digital – these represent the fulfillment of BSP’s vision of a safe, efficient, reliable and inclusive payment system,” he explained.
