BSP bats for offline payments to boost financial inclusion

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Metro Manila (CNN Philippines, December 1) — The Bangko Sentral ng Pilipinas (BSP) is pushing for offline payment solutions to boost financial inclusion in the country.

While reliable internet connectivity is important to push for digital finance, the BSP is also looking for solutions that will enable offline payments to eliminate the need to connect to the internet to do such transactions, BSP Governor Benjamon Diokno said in a statement.

In return, this will also enhance financial inclusion, especially in off-grid areas.

BSP said this is part of its Digital Payments Transformation Roadmap, which aims to convert 50% of retail payments into digital form and onboard 70% of Filipino adults to the formal financial system by 2023.

In October, the country’s central bank said one out of five payment transactions in 2020 was made through digital transactions. This also translates to 20.1%, or 910 million of total payments done online last year.

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BSP said this “slightly surpassed” the 2020 target at 20%.

For 2021, Diokno said 30% may be attained.