BSP Gov. Diokno wants at least 50% of all transactions digital by 2023

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno now targets at least half of all Philippine transactions done digitally by the end of his term in 2023.

Diokno on Thursday evening said he is banking on the recent surge in e-payments to boost digital transactions moving forward.

"My goal is to have half of all financial transactions -- in volume and value -- ... in digital form by the end of my term which is midyear 2023," he said in a mobile message to reporters.

"With the quantum jump in the use of digital payments during the lockdown, I'm confident that this goal would be achieved sooner," he added.

Data released by the central bank showed that combined volume of InstaPay and PESONet transactions posted a 260% growth in April versus the same month last year.

In May, InstaPay posted a month-on-month growth of 57% in terms of volume while PESONet recorded a 300% growth.

The BSP in November already raised its target to have 30% of all payments digital by 2020 in terms of value, up from 20% initially.

"The BSP is actively pushing for the use of digital payments now as part of a safe and convenient payment system," said Diokno.

To recall, the BSP launched InstaPay in April 2018. It is an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real-time.

Meanwhile, PESONet was launched in 2017, enabling the government, businesses, and individuals to initiate electronic fund transfers and recurring payments in financial institutions supervised by the central bank within the same banking day. -MDM, GMA News