Digital payments in the Philippines have risen by 5,000 percent during the pandemic as more people prefer to make online payments instead of cash payouts.
Digital remittance firm WorldRemit said in a statement that there was an upward trend of digital payments in both domestic and international transactions.
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Remittances form an important component of the Philippine economy.
WorldRemit country director Earl Melivo said an increasing number of overseas Filipinos are sending money back home and the digital money transfers are attracting users.
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With Filipinos adapting to the use of mobile wallets, the drive of local banks to a higher depositor base and the granting of multiple digital banking licenses in the Philippines was also helping increase remittances.
The National Retail Payment System has also surpassed its target of raising digital payments in the country by 2020 to 20.1 percent of the total transactions compared to 14.1 percent in 2019. (AW)
