BSP is still confident that it can achieve 50% of transactions being cashless by the end of 2023: according to BSP’s latest study, around 42.1% of retail payments are already digital in 2022, and 4 out of 10 Filipinos already use eWallets. This corroborates with Visa’s 2023 Consumer Payment Attitudes Study, where around 50% of Filipinos are carrying less cash in 2022, and 82% of them attempted to go cashless. To push for cashless payments further, the BSP wants to waive transaction fees for payments that are under Php 1k.

BSP Deputy Governor Mamerto Tangonan said that they are talking to banks and digital gateways like InstaPay and PesoNet to lower or waive transaction fees for under Php 1,000 transactions. “These fees present a barrier and there is a reluctance to pay. Since we’re encouraging digital payments, let’s offer them micropayments so they will get to use more,” Tangonan said.

Both Maya and GCash expressed support for the BSP’s initiative. Maya Acceptance and SME Head Richard Labitag said that while it’s not easy to waive transaction fees on small purchases, they have promotions to help Filipinos make the most out of their hard-earned money. These include offering up to 11% interest on their MayaBank Savings product.

GCash Public Sectors and Partnerships Cathlyn Pavia explained that they offer multiple financial services within their app, with a number of these services coming from their financial partners. For Pavia, waiving or lowering operational costs should also involve coordinating with their financial partners as well.

Aside from waiving transaction fees, the BSP is also encouraging Filipinos to use its Coin Deposit Machines, where they can deposit their coins to their GCash accounts or convert them into SM gift checks.

Going for digital payments has its benefits: aside from the added convenience, it ensures safe transactions between consumers and merchants. “Sa cashless, all you need is a mobile phone. ‘Pag cashless ka, ang fintech natin nagkakaroon ng digital footprint. Makikita ang transaction nila. Hindi na sila magla-log book,” DTI Assistant Secretary Mary Jean Pacheco said.