Philippine financial regulator mulls offline digital payment solutions
The move is part of the BSP’s Digital Payments Transformation Roadmap.
The financial regulator of the Philippines is eyeing offline digital payment solutions that will enable transactions without the need for an internet connection.
The Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said in a statement that whilst 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.'
The move is part of the BSP’s Digital Payments Transformation Roadmap (DPTR), which aims to convert 50% of the volume of retail payments into digital form and onboard 70% of Filipino adults to the formal financial system by 2023.
Diokno also discussed digital reforms during the Philippine Economic Society’s (PES) three-day virtual conference, with the theme “Building Back Better: Harnessing Digitalization Towards a Transformed Philippines.”