The rise of digital banks and other digital payment platforms contributes to the industry’s fast digital transformation. CONTRIBUTED PHOTO
The rise of digital banks and other digital payment platforms contributes to the industry’s fast digital transformation. CONTRIBUTED PHOTO


IN the Philippines, there has been an apparent increase in the usage of digital banking services, particularly at the height of the pandemic restrictions imposed last year. Due to limited mobility, the country's National QR Code Standard usage grew by at least 5,678 percent in transactions last December 2020, a year after it was launched, and is providing touchless convenience between businesses and their customers according to Bangko Sentral ng Pilipinas.

The central bank also noted that the combined volume of electronic transfers via PesoNet and InstaPay had hit 107 million. The value of these transactions reached P1.5 trillion in the first quarter of 2021.

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