BSP encourages the use of digital wallets in gifts
MANILA – The Bangko Sentral ng Pilipinas said on Monday it was encouraging the public to use digital wallets when sending cash gifts this holiday season amid the ongoing pandemic.
âDigital wallets provide a safe, secure, efficient and convenient way to transfer funds to family and friends during this season of giving,â BSP Governor Benjamin Diokno said in a statement.
The BSP said that using digital money as an alternative means of delivering cash gifts is strongly recommended to reduce physical contact and virus transmission between donor and recipient.
“This will allow the Filipino tradition of giving aguinaldo to family, friends and other important people to continue despite restrictions on mobility and face-to-face gatherings,” BSP said.
Digital wallets have exploded in popularity since the start of the COVID-19 pandemic, as social distancing and lockdowns prevented many from coming into close contact with each other.
Apps like GCash and PayMaya have reported that their users have more than doubled, that transaction volumes have skyrocketed as people seek new ways to send and receive money.
At least 20% of payments are now made through digital channels, the BSP said, largely through high-frequency, low-value retail transactions via electronic funds transfers.