The Philippines’ digital transactions are expected to grow as regulators, and other
stakeholders continue to improve the system and introduce further protections against
financial transaction-related cyberattacks.
Despite complaints regarding online banking
transactions, Bangko Sentral ng Pilipinas (BSP)
Chief Benjamin Diokno does not believe that
public confidence is "a major constraint to the
use of online transactions.”
“The biggest challenges in encouraging
Filipinos to adopt digital payments are still
financial exclusion, lack of substantial savings
to put in an account, lack of awareness of the
need to maintain an account, and inability to
meet documentary requirements to open an
account, which may be used for transacting
through digital channels,” Diokno said.
Financial Inclusivity by 2023
These challenges are exacerbated by internet connectivity difficulties, which are
among the most important tools required for digital financial services.
“We have to overcome these challenges to achieve our payments digitalization and
The BSP aims for 70 percent of
Filipino adults to have bank
accounts by 2023 as part of its
digital transformation and financial
As of the first quarter of 2021,
almost 53 percent of adult Filipinos
had electronic money (e-money)
accounts. This is greater than the
29% in 2019.
The Bangko Sentino Pilipinas (BSP) has been promoting the use of digital payments in
the Philippines as one way to help the country transition to a cashless economy.
There are many benefits of using digital payments, such as convenience, safety, and
Online banking services save you more time
and effort than a physical bank branch. You
can typically check your balance, transfer
money, and pay bills all from your
computer or mobile device.
Most banks in the Philippines offer online
banking services, and enrolling is usually a