The Bangko Sentral ng Pilipinas (BSP) seeks to further promote digital payments and other financial services through its Piso Caravan in Pampanga and Cagayan today.

The BSP said the public can exchange their unfit peso bills and coins either for fresh money or e-money. Unfit bills are torn, crumpled, tainted, or faded money.

To avail of this service, BSP said the public can visit New Market City Plaza in San Fernando, Pampanga from 10 a.m. to 4 p.m.

Cagayan residents can replace their money at Sta. Ana Public Market from 9 a.m. to 12 noon.

Soiled papers

The BSP said it already collected unfit money worth over P4 million last year.

The BSP aims to convert at least 50 percent of retail payments in the country into digital form in 2023 through the use of e-wallets and online banking.

“From what appeared to be an impossibly ambitious goal starting with only 1 percent monthly digital payments in 2013, we have logged 42.1 percent digital payments transactions every month by the year 2022,” BSP Deputy Governor Mamerto Tangonan said.

E-money allows consumers to purchase goods and services conveniently by carrying less cash and paying the exact amount.