The central bank chief earlier said that their 20 percent target for cashless transaction by 2020 is a conservative number and thus, likely to be surpassed on this year.
The Bangko Sentral ng Pilipinas (BSP) foresees a reduction in the usage traditional cash or bank notes just four years from now.
BSP Governor Benjamin Diokno said on Wednesday that the launch of the digital platform for government transactions dubbed as EGov Pay and the pilot use case of quick response (QR) code will enable them to facilitate such shift easily.
“Right now, we are cash heavy. By (2023, we’ll be) cash-lite,” Diokno said during the EGov Pay and QR Ph launch in Manila City.
According to the BSP, EGov Pay will allow customers to pay taxes and other fees due to government institutions through digital means.
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“(EGov Pay) utilizes the Land Bank of the Philippines’ (LBP) Link.Biz portal that enables acceptance of online payments from customer’s deposit or electronic money accounts via PESONet,” the central bank said.
The BSP chief then said that while nine government offices have onboarded the online facility, a full-scale adoption among agencies was expected come 2023.
“The objective is that eventually, all will have to go through that link. All government agencies will be part of the system…before 2023, if not sooner,” Diokno said.
The central bank chief earlier said that their 20 percent target for cashless transaction by 2020 is a conservative number and thus, likely to be surpassed on this year.
“The original goal is 20 percent by 2020, the new goal is 30 percent by 2020,” he said.
Among the agencies and local government units that have been onboarded in the EGov Pay facility include the Bureau of Internal Revenue, the Department of Trade and Industry, the Philippine National Police, the City Governments of General Santos, Manila, Valenzuela, San Pedro in Laguna, Baler and Quezon City.
Meanwhile, six payment service providers (PSP) demonstrated during the launch the benefits of QR code utilization, which was accomplished through InstaPay, the real-time low value automated clearing house under the National Retail Payments System framework.
These PSP include the Asia United Bank, China Banking Corp., LBP, Rizal Commercial Banking Corp, Paymaya and Union Bank of the Philippines.
Under its Circular 1055, the BSP has required all PSP to adopt the national QR Code standard developed by the Philippine Payments Management Inc.
