BSP Encourages Public to Use Digital Wallets for Holiday Gift Givingby Fintech News Philippines November 23, 2021
The Bangko Sentral ng Pilipinas (BSP) is encouraging the public to use digital wallets when sending cash gifts this holiday season.
The central bank said that using digital money as an alternative means of giving cash gifts is highly recommended to reduce physical contact and virus transmission between giver and receiver.
This will allow the Filipino tradition of giving “aguinaldo” (giving gifts) to family, friends, and significant others to continue despite restrictions on mobility and face-to-face gatherings.
The widespread use of digital money is in line with the BSP’s digital payment transformation and financial inclusion goals.
According to its latest report the BSP achieved its target of reaching 20 percent of digital payments volume by 2020, largely driven by high-frequency, low-value retail transactions through electronic fund transfers.
BSP added that it remains committed to digitising at least half of all transactions by 2023 in its push to promote a more inclusive and tech savvy Philippine economy.
“Digital wallets offer a safe, secure, efficient, and convenient way to transfer funds to family and friends during this season of giving,”
Benjamin E. Diokno, Governor of BSPsaid.