50% of all financial transactions will be digital by 2023 – BSP
Bangko Sentral ng Pilipinas Governor Benjamin Diokno is making a hard push to take the cash out of ordinary monetary transactions. In an interview with ANC, Diokno said electronic payments would account for as much as 50 percent of all transactions in the country by the time he stepped down in 2023.
Since the launch of the National Retail Payment System (NRPS) via the government electronic-payments facility (EGov Pay) and the national QR (quick response) code standard last year, Diokono said Filipinos’ have embraced e-payments.
Diokni is confident that up to 30 percent of all transactions would be done cashless by the end of 2020.
ANC news anchor Karen Davila was shookt by Diokno when he said people won’t be using their checks anymore: “I’m not prepared for that mentally. Oh God now I’m worried, I feel old. I’m so resistant to it.” “The goal is to be cash light society instead of cash. This will bring down the amount of money we print by 50 percent,” said Diokno. “Printing money is the most expensive part of our job. We can save a lot of money of we pay for e-money if we ride tricycles, buses, jeepneys or when you go to to market or grocery. Thats’ going on all over the world…you can even give alms to beggars using QR code,” he added.