It is also noteworthy that the volume of digital merchant payments significantly grew by 66 percent since 2018. Essentially, this increase pushed the strong upward trend in the overall volume of merchant payments driven by electronic fund transfers and the heightened usage of prepaid cards. Fully aware of the potential of the Philippine market, the BSP launched in 2020 the Digital Payments Transformation Roadmap.
The roadmap is a blueprint for the development of an efficient, inclusive, safe and secure digital payments ecosystem that supports the diverse needs and capabilities of individuals and firms alike. In this journey, two strategic outcomes are emphasized. First is the goal to convert at least 50 percent of the total volume of retail payments into digital form.