Digital payment services are inevitable. As technology makes us more efficient in various ways, economic activities also increase

Initial estimates for digital transactions to equal at least 20 percent of total by 2020 is now considered to be a conservative figure.

The Bangko Sentral ng Pilipinas (BSP) on Wednesday said prospects for a significant portion of transactions done in the digital sphere could come sooner than anticipated.

Latest estimates for digital transactions equal at least 20 percent of total by 2020 may have to be revised as the shift from legacy transactions to digital is happening faster than originally thought.

BSP Governor Benjamin Diokno acknowledged the target 20 percent cashless transactions by 2020 is a “conservative figure” and that latest data should be released soon.

“New numbers will come this month or next month,” Diokno, who was present at the renewal of agreements between financial technology (fintech) firm PayMaya and fast food giant McDonald’s Philippines, said.

In that event, he stressed the value of digital payments services as these can help address the pace of evolving consumer needs.

“Digital payment services are inevitable. As technology makes us more efficient in various ways, economic activities also increase. As such, the challenge to increase the velocity of payments arises,” Diokno explained.

“Funds should quickly change hands to make sure that the money required to support the accelerating pace of productive activities is made available and the only way we can cope with such a challenge is to provide digital payment services,” he stressed.

Under the renewed partnership, Mcdonald’s customers may now utilize digital payments via PayMaya QR on top of the existing in-store card payment options.

“We congratulate McDonald’s for being one of the trailblazers in pushing for innovations in the quick-service restaurant industry, and our expanded partnership with them brings the payment experience of customers to a whole new level,” PayMaya Founder and CEO Orlando Vea said.

McDonald’s Philippines President and CEO Kenneth Yang lauded the BSP for helping enable such transactions in the Philippines.

“With our expanded collaboration with PayMaya through QR payments on top of card acceptance in our stores, we are able to offer another convenient way for our customers to pay for their favorites,” Yang said.

“We laud BSP for their bid to grow the cashless economy in the country. Through their leadership and partnership with a brand like us and innovative financial service providers like PayMaya, I believe that their goal for the Philippines to be a 20 percent cashless country by 2020 will be achieved,” he said.

The BSP launched the National Retail Payment System initiative in 2015. This has since boosted digital payments use in the country.