Rising digital payments sustain PH recovery

By Francis Earl Cueto | The Manila Times
July 20, 2023

THE Globe Group on Wednesday observed a rise in digital payments by Filipinos, which is a strong indicator on the positive outlook of the country’s economic future.

In a statement, the company said this is largely attributed to the increasing popularity of digital payments over the last five months.

The surge in the adoption of digital payments coincides with the steady easing of inflation rates, which contributed to an increase in purchasing power, as well as created a conducive environment to economic growth.

Under the Digital Payments Transformation Roadmap, the Bangko Sentral ng Pilipinas aims to shift 50 percent of total retail transactions electronically. It also plans to increase the number of Filipinos using these services to 70 percent.

Based on the central bank’s report, the share of digital payments in total retail transactions in terms of volume accelerated to 42.1 percent, or 2.04 billion, last year.

“The shift to digital payments means faster and more convenient transactions, real-time cash flow for merchants and quicker movement of goods and services, which all redound to a more vibrant economy,” said Globe Group President and Chief Executive Officer Ernest Cu.
As part of its expansion to a full-fledged tech enterprise, the Globe Group has been bringing digital solutions pivotal in accelerating digital adoption in the finance space.

In 2017, Globe enhanced the capabilities of GCash to address the issue of access to financial services. In partnership with global shareholders, it was able to expand its reach. Since then, the e-wallet has become the Philippines’ first double unicorn and top finance superapp.

Globe’s e-Commerce platform RUSH has reached 6.6 million registered users and digitally enabled sellers nationwide. Electronic Commerce Payments Inc. (ECPay), meanwhile, has grown to a general trade retail base of more than 460,000.

During the first quarter of 2023, ECPay was the biggest non-telco contributor to Globe’s topline.

“We’re poised not just to help the government meet its goal in terms of digital payments, but also to lead the way in shaping an inclusive, progressive retail payment landscape that thrives on innovation and accessibility,” Cu said.

Source: https://www.manilatimes.net/2023/07/20/business/top-business/rising-digital-payments-sustain-ph-recovery/1901449