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.