#BSP digital payments

The proposed measure aims to create a nationwide digital payments system for transactions with the government and between private groups. The bill seeks to expand the use of digital payments in the country. Tinio said the bill does not clearly state who can access transaction data once digital payments become more common. Now, in a new draft circular, the BSP is seeking feedback from stakeholders on a plan to make person-to-person electronic fund transfers and micro-merchant payments entirely free of charge. The BSP's move comes as part of its broader efforts to encourage Filipinos to adopt digital payment methods and reduce reliance on cash. The BSP has already seen significant progress in this area, with the share of digital payments in total retail transactions increasing to 52.8% in 2023 from 42.1% in 2022. The company said QR Ph and e-wallets combined represented 76% of total payment volume and 9 in 10 transactions on its platform, pointing to continued growth in mobile-first digital payments among Philippine businesses. According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. Read more in our articles including "House approves Digital Payments Bill on second reading" and "BSP eyes zero-fee electronic fund transfers, payments to MSMEs".