Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the Philippines could achieve a “coinless society” in 2025 on the back of the regulator’s digital payment initiatives.
“Talking of cashless society may not be within my lifetime, but I can assure you maybe a coinless society by 2025 for sure because that will be replaced by the QR Ph, which we are pushing to get our national ID,” Diokno said on Wednesday.
Adopted by the central bank in November 2019, the National QR (Quick Response) Code Standard, or “QR Ph,” is seen to accelerate digital payments.
The QR code will contain most, if not all, the critical information — including the account name and account number — required in a payment instruction. As such, the use of the code will minimize encoding errors. It is also faster and easier to scan the code than dip or swipe a card and sign a charge slip.
“I’m very optimistic that the future will be digitalized. There will be less contact in the way we live. In the way we play. In the way we operate. So, digitalization will be one of the major beneficiaries of this pandemic,” Diokno said.
Last year, the BSP introduced its Digital Payments Transformation Roadmap, which charts the central bank’s initiatives and strategy for an efficient, safe and secure digital payments ecosystem.
It has two key strategic objectives — strengthening customer preference for digital payments by converting 50 percent of the total volume of retail payments in digital form and providing innovative digital financial products and services designed to be responsive to the needs of consumers, enabled by a digital ID and supported by the availability of a next-generation payment and settlement system to facilitate real-time processing of financial transactions.