State of Digital Payments in the Philippines - Highlights Report (2021 edition)
This highlights report captures the progress of payments digitalization in the Philippines in 2019 and the first half of 2020. The report discusses the trajectory of key payment use cases that were identified in the earlier 2019 edition and shows that payments made by individuals, such as merchant payments and remittances remain key contributors to growth.
The COVID-19 pandemic has also catalyzed the shift in awareness and has provided the necessary push for more consumers – individuals, businesses and the government – to use digital payments when the country implemented health and social-distancing protocols.
The results in the report show a consistent increase in the volume and value of digital payments. This is encouraging as the Bangko Sentral ng Pilipinas (BSP) remains committed to pursue a cash-lite economy and put in place enabling policy and regulatory reforms to promote a safe, efficient, and reliable national payment system that ensures responsible digital payments for all.