EGov Pay transactions up 5,000% at end-May -BSP

Transactions using the government’s e-payment facility rose by over 5,000% as of end-May amid a push for digital payments, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

At a virtual briefing, BSP Governor Benjamin Diokno said transactions under EGov Pay climbed by over 5,000% year-on-year in terms of volume, and 2,000% in terms of value at end-May.

“Digital payments are more important now than ever. Digital payments help cope with mobility restrictions amid the pandemic,” he said.

Under EGov Pay, Filipinos are able to pay taxes and feed to government offices online, with over 387 entities or 90% of total government billers onboarded so far this year.

The platform allows payors to choose the payment service provider, with the funds transferred to the government via the Philippine EFT System and operations Network (PESONet).

“All these EGov Pay numbers show the dramatic shift of payments made to government into digital firms,” Diokno said.

“The sustained growth in EGov Pay transactions provide strong support to BSP initiatives to digitalize person to government payments and to digitalize at least half of retail payment transactions by 2023,” he added.

Diokno earlier said the objective is to have all government agencies onboarded in the EGov Pay facility by 2023 or sooner, with at least 50% of all retail transactions in the country done digitally by then. -MDM, GMA News