The Bangko Sentral ng Pilipinas is looking at offline digital payment solutions to enable transactions without the need for internet connection in an effort to boost financial inclusion in off-grid areas, Governor Benjamin Diokno said in a statement Tuesday.
Diokno said while an effective and reliable internet connectivity is a necessary condition for digital finance to flourish, “the central bank is also pursuing digital solutions to enable ‘offline payments.’”
Diokno said BSP was working on the initiative under the Digital Payments Transformation Roadmap, which aims to convert 50 percent of the volume of retail payments into digital form and bring 70 percent of Filipino adults to the formal financial system by 2023.
He discussed the digital reforms during the Philippine Economic Society’s virtual conference themed, “Building Back Better: Harnessing Digitalization Towards a Transformed Philippines.”
