1/2  BIS central bankers' speeches  It is worth noting that in the wake of the pandemic, financial transactions coursed through digital platforms InstaPay and PesoNet rose dramatically by 155.4 percent and 22 percent, respectively, in May 2021 as compared to the same period in 2020. Last year, more than eight million electronic money accounts were created.
We expect more as the BSP approves the license applications of incoming industry players. The establishment of digital banks will bring about greater efficiency and extend the reach of financial products and services among the unbanked, including MSMEs. We have also taken steps to allow for more extensive use of QR codes for payments.