Philippines To Become A Coinless Society By 2025 According To BSP
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on Wednesday that the country is expected to become a coinless society by 2025, as the rollout of the national identification system will make Quick Response (QR) codes more available.
In an interview with BusinessWorld aired online, Diokno said that the coronavirus disease 2019 (COVID-19) pandemic has accelerated the country’s push to digitalize financial transactions given the need for contactless payment solutions.
Diokno said in the interview:
Talking of cashless society, maybe not within my lifetime but I can assure you maybe a coinless society by 2025 for sure because that will be replaced by the QR Code PH which we are pushing to get our national ID.
The BSP Governor reveals that the national ID will have a QR code at the back, which may accelerate the use of small transactions. In a separate statement, Diokno said he wants 50% of all transactions done digitally by the end of his term in 2023, with 70% of all adult Filipinos having a bank account. He acknowledged that the pandemic actually accelerated that vision, thus he’s optimistic that they will accomplish these objectives much sooner rather than later.
Based on a study commissioned by global technology firm Cisco, the digitalization of local businesses could add as much as $28 billion to the Philippine economy by 2024.