BSP Gov Espenilla eyes 'quantum leap' in digital payments

ABS-CBN News

Posted at Nov 13 2017 05:55 PM

MANILA - The Bangko Sentral ng Pilipinas is working to make digital payments easier to enable a "quantum leap" in the industry in the next 2 years, Governor Nestor Espenilla said Monday.

The BSP hopes to bring the volume of digital payments to "more than 20 percent" of total transactions by 2020, from 1 percent in 2014, Espenilla told ANC on the sidelines of the ASEAN Business and Investment Summit.

"I'm very optimistic, within the next 2 years, we will see a quantum leap in digital payments," Espenilla said.

Espenilla said the BSP would break "inefficiencies" wherein some digital payment systems might not work well with each other.

The governor said allowing more banks in the Philippines would help spur competition, bringing more financial services to small businessmen and to those on the countryside.