MANILA - The Bangko Sentral ng Pilipinas on Tuesday said it is eyeing offline digital payment solutions to enable transactions without the need for internet connection.
The BSP said this is meant to boost financial inclusion in off-grid areas.
BSP Governor Benjamin Diokno said that while an effective and reliable internet connectivity is necessary for digital finance to flourish, the central bank is also pursuing digital solutions to enable 'offline payments.'
"The BSP is working on this initiative under the Digital Payments Transformation Roadmap (DPTR) which aims to convert 50 percent of the volume of retail payments into digital form and onboard 70 percent of Filipino adults to the formal financial system by 2023," the central bank said.
In October, the BSP said 1 in 5 payments in the Philippines is now done digitally.
The use of digital wallets like GCash and PayMaya skyrocketed last year as quarantine restrictions due to the COVID-19 pandemic led many businesses to sell goods online, while consumers also welcomes the ease of paying through apps.