Coming soon: BSP opens door to offline digital payments
Money

Coming soon: BSP opens door to offline digital payments

In what could be another breakthrough, customers may soon be able to make payments even without internet connectivity.

The Bangko Sentral ng Pilipinas is considering rolling out a mechanism that will allow digital payments in offline mode as part of efforts to boost financial inclusion.

BSP Governor Benjamin Diokno said the move is in line with the central bank’s goal to bring financial services and products to off-grid areas.

“Digital solutions are being pursued to enable e-payments even without internet connection, or what we call offline e-payments. This initiative is being explored as a potential solution for improved financial access particularly in hard- to-reach rural areas,” said Diokno.

Offline payment transactions are included under the BSP’s Digital Payments Transformation Roadmap which will convert half of the volume of retail payments into digital form by 2023, as well as onboard 70 percent of Filipino adults to the formal financial system.

 

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