MANILA - The Bangko Sentral ng Pilipinas on Tuesday said it has partnered with mall operator SM to push its cashless payments program.

SM meanwhile said around 8 out 10 shops under its Supermalls chain now accept digital payments.

"Mag-cashless na. Mas matipid, mas safe at saka mas convenient para sa lahat," said BSP Deputy Governor Bernadette Romulo-Puyat.

Puyat said there is a need to further increase the number of Filipinos who have financial accounts such as bank or e-wallet accounts.

She said that around 56 percent of adult Filipinos now have financial accounts, which include banks and e-wallets, up from 29 percent before the pandemic. Puyat said this number is expected to keep growing in the coming years.

"Digitalization really is the way of the future. We are pushing for cashless payment or cashless malling," said SM Supermalls President Steven Tan.

Tan said the 80 malls of the company nationwide will help boost the digital payments system in the country as this will be available not just in Metro Manila, but across the country as well.

For now 80 percent of the mall chain's about 20,000 merchants accept digital payments, and they are working to onboard the remaining 20 percent.

"First is for merchants to accept cashless payment, another effort is to convert a lot of shoppers who come into our door, shopping center, to use cashless payment," said Tan.

Aside from Filipinos being linked to legitimate financial institutions, Romulo-Puyat said cashless malling is more convenient for both sellers and customers.

"Nasa phone mo lang, tapos wala ka na dala-dalang pera. At saka yung maganda for the merchants, hindi na nagsusukli, eksakto na. Ayaw mo marami kang dalang pera, ang hirap may hawak ng pera," said Romulo-Puyat.

Consumers may scan the QRPH code at the cashiers or use e-wallet platforms such as GCash, Maya and other similar apps.

• GCash to use dialects as app goes hyperlocal to expand reach
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