MANILA, July 6 (Xinhua) -- The share of digital payments to total retail payments volume in the Philippines increased from 20.1 percent in 2020 to 30.3 percent in 2021, according to the data released by the Philippine central bank on Wednesday.
The Bangko Sentral ng Pilipinas (BSP) said the value of digital payments in the country represented 44.1 percent of total retail payments in 2021, up from the 26.8 percent recorded a year earlier.
The central bank said the key contributors to the overall growth of digital payments were merchant payments, peer-to-peer (P2P) remittances and business payments of salaries and wages to employees, all of which are high-frequency, low-value retail transactions.
During the pandemic, Filipinos who had accounts were able to safely and conveniently conduct financial transactions using their mobile devices in the comfort of their homes, according to local media. ■