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THE Bangko Sentral ng Pilipinas (BSP) will conduct its inaugural Consumer Payments Survey (CPS) to assess online transactions among Filipinos online with its goal of turning the country into a cashless economy.
“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,” BSP said in a statement Tuesday.
The survey will be conducted this quarter, the central bank said.
The BSP said that Kantar Philippines, Inc. will carry out the inspection operations.
“The BSP will take all necessary precautions to continually safeguard the privacy of survey data. All the information collected will be treated with the strictest conditions.bedentiality and is used exclusively for policy-making purposes, ”said the central bank.
“Equally important, the CPS survey will be carried out with maximum compliance with established health protocols. Visits by Kantar researchers to selected homes across the country will also be coordinated with local government authorities to ensure safety. “
The Statistics Authority of the Philippines had approved the conduct of the BSP survey in February.
Among the objectives of the survey is to measure the influences on consumer payment preferences and to establish a baseline to track the National Retail Payment System in terms of volume and value.
Payment schemes covered by the study will include cash, check, ATM / debit cards, credit cards, prepaid cards, and electronic money.
The survey will also analyze the sociodemographic characteristics of domestic consumers; preferences and ownership of payment instruments; volume and value of transactions registered in various payment schemes; and consumer knowledge, use, and future use cases for the institution’s facilities. The study will also cover consumer opinions and preferences about virtual currencies.
The central bank wants 50% of transactions in terms of volume and value to be done digitally by 2023. Due to the rise in online payments amid the coronavirus pandemic, BSP Governor Benjamin E. Diokno said that this goal could be reached as early as 2022.
Electronic payments in the country have been gaining ground, as 10% of the total volume of transactions in 2018 was made digitally, going from a mere 1% in 2013, a Better than Cash Alliance study showed. By value, online transactions increased to 10% of the total in 2018 from 8% in 2013.
The BSP also points out that 70% of Filipino adults already have a befinancial account by 2023. Only 29% of adult Filipinos owned an account with a befinancial institution at the end of 2019, leaving about 51.2 million unbanked. – LWTN
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