Money

E-payments now account for 10% of all PH transactions

Recent moves to boost online payments have borne fruit, with the Bangko Sentral ng Pilipinas (BSP) reporting better numbers.

Recent moves to boost online payments have borne fruit, with the Bangko Sentral ng Pilipinas (BSP) reporting better numbers.

E-payments have gone a long way from a measly one percent of all financial transactions back in 2013. Five years later, the Better Than Cash Alliance said the share of epayments jumped to 10% of all transactions in 2018.

People are spending bigger online too. The value of e-payments grew from 8 percent to 20 percent, with the women leading the pack.

“In view of its immense potential to foster financial inclusion, the rising usage of e-payments is seen to provide robust support to our shared goal of promoting inclusive economic growth,” BSP Governor Ben Diokno said in a statement.

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