We have a legitimate debate – in Europe as well as in the US and in Japan – about whether the central bank is doing well on this, well on that.
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.