A well-designed retail payment system serves as a pillar of an inclusive and expansive digital finance ecosystem – one that is able to meet the diverse needs of all users in a manner that is convenient, sustainable, affordable and reliable. Just as it is a goal, financial inclusion is also a tool for achieving an efficient retail payment system.
As more people participate in this system, greater economies of scale are secured – thereby making the system even more efficient. The unserved market of the payments industry is still huge, considering that based on the latest World Bank Findex report, only 31.3% of adult Filipinos have a transaction account which enables them to participate in the retail payment system.