Financial industry enlisted into SIM registration effort
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QR Ph transactions grow as more banks, businesses adopt standard
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BusinessWorld
May 28, 2021 | 12:06 am
JCOMP /FREEPIK.COM
EMBRACING digital payments will benefit consumers, businesses and the government as this will help ease operating costs and improve processes, according to the central bank’s new deputy governor tasked to focus on the regulator’s goal to turn the country into a cash-lite society by 2023.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto E. Tangonan said in a Fireside Chat session at the BusinessWorld Virtual Economic Forum on Wednesday that the central bank’s goal to digitize payments could increase economic activity while also generating savings.
“In terms of market inclusion and expansion, digital payments can empower new business models that can drive more spending and expansion of the economy,” Mr. Tangonan said.