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BSP starts survey on use of digital payments

The Bangko Sentral ng Pilipinas (BSP) is conducting its first Consumer Payments Survey (CPS) this quarter in aid of enhancing rules on digital payments to increase its use by as much as 50 percent of all retail payments in three years.

In a statement, the BSP said the results of the survey will serve as its guide in implementing measures that will expand the use of digital payments until it reaches its target and that 70 percent of Filipinos will have financial accounts by 2023 or even as soon as end-December 2022.

A nationwide survey, the CPS will tap Kantar Philippines Inc. to measure the actual use of digital payments across the country such as how these transactions are being used by individual consumers aged 15 years old and above. Kantar is an independent market research company.

The BSP assures that personal data protection will be strictly enforced for survey participants.

 “All necessary precautions will be taken by the BSP to continuously safeguard the privacy of the survey data. All information collected will be treated with the strictest confidentiality and used exclusively for policy formulation purposes,” the BSP said.

The BSP said the CPS “will be conducted with utmost adherence to established health protocols (and) visits by Kantar researchers to selected households around the country will also be coordinated with local government authorities to ensure safety.”

 “We strongly encourage the selected individuals to participate in the CPS. The results of the CPS will guide the BSP in its various efforts to increase the use of digital payments to at least 50 percent of retail payments and enable at least 70 percent of Filipinos to own financial accounts by 2023,” said the BSP.

Since the pandemic, technology has gradually changed and now has accelerated the reshaping of payment transactions and the delivery of goods and services in a COVID-19 and post-health crisis environment.

The BSP has started to improve and strengthen cybersecurity measures even before the pandemic began and while on lockdown, it has tweaked regulations, upgraded cyber surveillance, and enhanced its digital campaigns to promote digital financial services.

Four months into the lockdown period, the central bank launched its literacy campaign to promote public trust and in the use of digital financial services or DFS. BSP Governor Benjamin E. Diokno said digital literacy “is a necessary skill for Filipinos to enjoy convenient and safe financial transactions.”

To encourage DFS usage, the BSP campaign educates consumers to be more familiar with DFS to reduce usage errors, scams and frauds, as well as to “mitigate risk of loss, promote consumer protection and ensure positive customer experiences.” And, during the lockdown, online account opening, money transfers, e-payments solutions, and other tech-supported financial transactions, became common

The BSP has also been improving channels of new technologies for fund transfers such as mobile phones, internet, cash cards.


Source: Manila Bulletin (https://mb.com.ph/2020/11/18/bsp-starts-survey-on-use-of-digital-payments/?utm_source=rss&utm_medium=rss&utm_campaign=bsp-starts-survey-on-use-of-digital-payments)

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