Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Monday called on the public to use its digital wallets to send cash gifts this holiday season.
BSP said using digital money as an alternative means of delivering cash gifts is “highly recommended to reduce physical contact and virus transmission between donor and recipient” amid the continuing threat of COVID-19.
âDigital wallets offer a safe, secure, efficient and convenient way to transfer funds to family and friends during this season of giving,â BSP Governor Benjamin Diokno said in a statement.
The central bank said the widespread use of digital currency is in line with its goals of transforming digital payments and financial inclusion.
Citing the latest reports, BSP said it had met its goal of reaching 20% ââof digital payment volume by 2020, largely through high-frequency, low-value retail transactions via electronic funds transfers.
âThe BSP remains committed to catalyzing the digitization of payments and digitizing at least half of all transactions by 2023 in its drive to promote a more inclusive and technological Philippine economy,â he said.