If a particular provider becomes a dominant player in the retail payment services market, problems such as distortions in the pricing system and reduced incentives for innovation may eventually arise. Monopolies impede competition and innovation, and can ultimately have a negative impact on consumer benefits.
Benjamin E Diokno: Launch of the first Digital Financial Inclusion Awards Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the launch of the first Digital Financial Inclusion Awards, Manila, 13 March 2022.