GCash nudges inclusivity for unbanked public
The Philippines has made progress in digitizing retail payments while broadening financial inclusion
At the GCash summit ‘Innovative and Inclusive: The Future of Digital Financial Services’ are (from left) Commission on Audit information technology director Atty. Marlon Marquina; GCash AVP and head of public sector and partnerships Cathlyn Pavia and chief commercial officer Oscar Enrico Reyes Jr. | Photograph courtesy of GCash
To strengthen inclusivity, the financial technology sector should firm up its partnership with local government units. This was one of the main highlights during the second annual "One with the Nation" conference by mobile wallet GCash.
This year's conference has the theme "Innovative and Inclusive: The Future of Digital Financial Services."
During the event, industry leaders and top government officials, led by Bangko Sentral ng Pilipinas Governor Felipe Medalla shared crucial insights on the future of digital financial services.
"The Philippines has made progress in digitizing retail payments while broadening financial inclusion. Recently, the BSP observed that more Filipinos are choosing to pay through digital means. The share of digital payments to total retail payment volume in the country grew from 20.1 percent in 2020 to 30.3 percent in 2021," Medalla said.
He added the government continues to lead the path to digitalization with 96.7 percent of its total payment transactions and disbursements already in digital form.
Given the rapid growth of digital payments and services, the conference also put a spotlight on how LGUs can integrate safe online payments into their services.
"The adoption of digital payments by the local government is, I think the best way to expand the digital space in the country — where the local government opts for e-wallets and payments in paying taxes or business registration. That's something that LGUs can do a lot more," Department of Trade and Industry Assistant Secretary Mary Jean Pacheco shared.
In her speech, GCash president and CEO Martha Sazon acknowledged that there's still a long way to go to fully achieve financial inclusion.
Shared vision
"There's still so much more we can do. We ask for your support once again as we continue to work to make a positive impact in the lives of Filipinos, especially those who need our help the most. We look to you, our partners, as we continue together onward and upward with a shared vision of a better future for Filipinos." Sazon said.