The Philippines is Expected to Be a Coinless Society by 2025 Says BSP
Bangko Sentral ng Pilipinas (BSP) says that the Philippines will not be using money on hand anymore and expected be a “coinless society” by 2025.
Nowadays, cashless transactions are urged to be used amid the COVID-19 pandemic. Although the Philippines is far from being a ‘cashless society’, it is possible that the country will become a ‘coinless society’ four years from now.
This is what BSP governor Benjamin Diokno sees as the state of the Philippines in 2025 especially since the national ID system will soon be implemented nationwide, based on the report of GMA News.
It is said that there will be a printed quick response (QR) code on the back of the ID and it can be used for shopping. The BSP handles the printing of the national ID so it will contain a QR code for use in small transactions, according to the BSP governor.
Apart from this, Diokno also hopes that 50 percent of the transactions will be through the digital platform before the end of his term in 2023 while 70 percent of Filipinos expect to have their own bank account.
Based on the report, it is said that the pandemic played a big part in accelerating their steps to reach this vision so it will be easier to achieve their objective.
“I’m very optimistic that the future will be digitalized, that there’ll be less contact in the way we live, in the way we play, in the way we operate, so yes, digitalization will be one of the major beneficiaries of this pandemic,” Diokno said.
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