MANILA, Philippines—The country saw a surge in the use of electronic payment systems at the height of the COVID-19 pandemic in 2020 which went with a decline in the use of cash for transactions, according to the head of the central bank.
Every current indication points to an increase in the use of digital methods, such as quick reaction or QR codes, to transfer money between people and merchants as the economy is seen to progressively reopen in 2021.
“The BSP expects the transition to gather pace amid the rise in electronic payments during the COVID-19 pandemic,” said Bangko Sentral ng Pilipinas Governor Benjamin Diokno at an online press briefing on Thursday (Feb. 4).
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