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Bangko Sentral ng Pilipinas (BSP) said it will measure the actual use of digital payments in the country by conducting a new survey.
In a statement on Tuesday, the central bank announced that it will carry out the first Consumer Payment Survey (CPS) during this last quarter of the year.
“The CPS is a national survey that seeks to measure the actual use of digital payments across the country by individual consumers aged 15 and over,” he said.
The BSP added that it has engaged the services of Kantar Philippines Inc., an independent market research firm, to carry out the survey operations.
He also assured the public that all necessary precautions will be taken to continuously safeguard the privacy of the survey data. All information collected will be treated in the strictest confidence and will be used exclusively for policy-making purposes.
The CPS survey will also be conducted with the highest compliance with established health protocols, the Bangko Sentral further said. Visits by Kantar researchers to selected homes across the country will also be coordinated with local government authorities to ensure safety.
Therefore, it is highly recommended that selected individuals participate in the CPS.
“The results of the CPS will guide the BSP in its various efforts to increase the use of digital payments to at least 50 percent of retail payments and allow at least 70 percent of Filipinos to own financial accounts by 2023,” he added the central bank.
Earlier, a BSP official mentioned that Bangko Sentral will implement two new digital payment frameworks that will use automatic clearing houses InstaPay and PESONet.
The first, Direct Debit FW, will allow payers to better manage their recurring payments, including rent payments and loan repayments. Through this framework, payers can authorize beneficiaries to withdraw the amount specified in the direct debit payment instructions from the former’s account.
The second, Bills Pay FW, aims to eliminate inefficient invoice collection processes, ensuring that the biller can collect from payers, even if their payment service providers are different from the biller.
Direct Debit FW and Bills Pay FW are expected to roll out during the first half of 2021.
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