THE Bangko Sentral ng Pilipinas (BSP) said on Tuesday that it signed a memorandum of agreement with the Department of Trade and Industry to host the Cashless Expo 2023.
The expo aims to push digitalization and financial inclusion for micro, small, and medium enterprises (MSMEs), allowing them to grow their businesses through digital payments, BSP Deputy Governor and Payments and Currency Management Sector Head Mamerto E. Tangonan said in a speech on Tuesday.
“This cashless expo is really in support of the Digital Payments Transformation Roadmap… This is the first time that we will conduct a consumer fair (allowing only) digital payments. This is one way by which we will encourage MSMEs to adopt digital payments,” Trade Assistant Secretary Mary Jean T. Pacheco said.
The expo supports the BSP’s Digital Payments Transformation Roadmap, which aims to digitize 50% of retail transactions by volume and value and to bring the banked population to 70% of all adults by the end of this year.
Mr. Tangonan noted that merchant payments accounted for 58% of all retail payments by transaction volume, of which 54% consisted of digital payments.
