This corresponds to a 27% increase in volume, driven primarily by high-frequency, lowvalue retail transactions, like merchant payments. Meanwhile, the value of monthly digital payments grew to 24% of all transactions in 2019, up from 20% in 2018. All these happened before the COVID-19 pandemic.
Early estimates from the first half of 2020 also provides encouraging results where digital payments rose to 17% of all monthly payments. In both results, the P2M and P2P use-cases proved to be driving the expansion of digital payments in the country. This only confirms that we are on track in providing the necessary interventions to promote digitalization of consumers and merchants alike.