by Je Yaranon on February 2021
While cash is king and is still the more widely used payment method, digital payments are continuing to barrel their way into the forefront.
It’s an astounding number, but according to the Bangko Sentral ng Pilipinas, QR codes in the country have spiked by more than 5,000% since the pandemic protocols started in March 2020 – the reported figure is 5,678%, but it may be higher.
Here’s what BSP Governor Benjamin Diokno told the media during a press briefing earlier this month:
“The BSP expects the transition to gather pace amid the rise in electronic payments during the COVID-19 pandemic … In view of this, the BSP will continue to engage the public to ensure that Filipinos will adjust well to this transformation.”
The numbers are very interesting to look at, and it’s evident that cash-based transactions are dwindling due to the health hazards it entails.
In quarterly data, the significant uptick was especially noted during the second quarter, where the numbers rose to 286% in volume and 30%in value, and the fourth quarter, where it reached 189% in volume and 537% in value.
Further, Diokno also announced another finding: the demand for coin in 2020 dropped by a staggering 57% in volume and 69% in value when compared to the previous year.
Should we expect it to continue moving forward?
Again, it will be tough to topple cash altogether. However, with the pandemic and all, we can only assume that there are no clear obstacles for digital payments, including QR codes, and thus, it’s well-positioned to strengthen its presence everywhere.
Either way, it’s better for consumers and sellers alike to be in-the-know within the ever-evolving technology of the payment world. For now, we simply ought to keep our various payment activities digital as much as possible.
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