BSP chief: COVID-19 pandemic shows ‘increasing importance’ of digital transactions

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MANILA, Philippines — The ongoing COVID-19 pandemic highlighted the “increasing importance” of digital transactions in the country, Bangko Sentral ng Pilipinas (BSP) Governor Ben Diokno said Wednesday.

In a pre-State of the Nation Address forum, Diokno noted that transactions using e-payment services such as PESONet and InstaPay increased during the imposition of the coronavirus lockdown.

“It was observed that the volume and value of the combined transactions of PESOnet and InstaPay during the lockdown surged while the volume and value of check payments and ATM withdrawals declined,” Diokno said.

InstaPay enables an account holder to transfer money up to P50,000 per day, immed…

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The Philippine Daily Inquirer, popularly known as the Inquirer, is an English-language newspaper in the Philippines. Founded in 1985, it is often regarded as the Philippines' newspaper of record.

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