Digital payments increase in 2022
ONLINE PAYMENTS rose further in 2022 as more consumers and businesses used digital channels for transactions for speed and convenience, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
The BSP’s 2022 Status of Digital Payments report showed the share of online payments in the total volume of retail transactions in the country rose to 42.1% in 2022 from 30.3% a year earlier.
The total payment volume stood at 4.85 billion in 2022, with those done via digital platforms totaling 2.04 billion transactions, BSP data showed.
The BSP said the top contributors for the increase in volume were merchant payments, person-to-person (P2P) transfers, and salaries and wage payments.
“Merchant payments and P2P transfers were further digitalized by 35.6% and 91.2%, respectively. Meanwhile, it is also noteworthy that salaries and wage payments grew by 41.1%, from just 32 million transactions in 2021,” the central bank said.
“These results are aligned with the latest BSP Financial Inclusion Survey Report, which found a significant increase in ownership of transaction accounts, majority of which are e-money accounts, and that more of these accounts are now being used for payments,” it added.
Meanwhile, the value of payments done online stood at $78.14 billion and represented 40.1% of $195.05 billion worth of total retail transactions last year, lower than the 44.1% share in 2021.
Outgoing BSP Governor Felipe M. Medalla said the numbers show the country is on track towards meeting the central bank’s goal to digitize 50% of the volume and value of retail transactions by yearend.
“The numbers tell us that the deliberate reforms and initiatives we have been undertaking are responsive to the shifting needs of the public towards more efficient payments services. Since the pandemic, which broadened digital payments adoption and acceptance, the upward trajectory of digital payment usage has been sustained. We need to carry on to maintain this trend, focusing on the overall value-adding experience of using digital payments,” Mr. Medalla said. — KBT
