The Bangko Sentral ng Pilipinas (BSP) is pushing for a coinless society by 2025.
The proposal will come to life with the help of the quick response (QR) code that is part of the National ID system. Every national ID will have a printed QR code that can be used for small transactions.
The BSP aims to make the transactions in the country 50% contactless by 2023.
The Central Bank also hopes that the number of Filipinos with bank accounts to increase to 70%.
BSP Governor Benjamin Diokno stated that the Coronavirus Disease 2019 (COVID-19) pandemic has opened the opportunity to push for digital financial transactions due to the need for contactless payments. Report from Naomi Tiburcio
