From 1% to 30%: the Journey of the Philippines Towards Responsible Digital Payments
In 2013, digital payments accounted for only 1 percent of total payments by volume in the Philippines. By 2020, the country had surpassed its original target of 20 percent, with digital payments accounting in 2021 for an impressive 30 percent of total payment volume. This case study examines the success story of the Philippines by diving into the key decisions made by the government and private sector in accelerating the adoption of responsible digital payments, including:
- Continuous evaluation of progress against transparent targets.
- Proactive policymaking to satisfy evolving needs.
- Institutionalizing data systems and building internal capacity to collect and analyze data.
While the Philippines' path towards responsible and inclusive digitization of payments is unique, other governments can apply the lessons learned, such as fostering a multi-stakeholder approach:
- Build consensus across government and private sector champions.
- Invest in data-driven policymaking.
- Be intentional about the subject and cadence of tracking.
About this Publication