BSP encourages public to send electronic aguinaldos

WITH less than a week until Christmas, the Bangko Sentral ng Pilipinas (BSP) is encouraging Filipinos to bring the yuletide cheer to loved ones through electronic aguinaldos (e-aguinaldos).

BSP said giving e-aguinaldos support its broader thrust to foster the wider adoption of digital payments, which promotes financial inclusion and the efficient flow of funds in the economy.

“We encourage our countrymen to take advantage of the ease and safety provided by digital finance in sending their cash gifts during the holidays,” according to the BSP.

BSP said ninongs, ninangs (godfathers and godmothers) and other gift-givers who intend to give cash as their pamasko can transmit money through digital payment channels.

The wide array of digital payment channels available in the country can also be used to donate to charitable institutions this Christmas.

These platforms include interbank fund transfers through Instapay and PESONET, electronic money issuers that are more commonly known as e-wallets.

Another digital payment option is QR Ph, which entails code scanning and offers consumers faster, easier and cheaper payment options. This is based on the Europaymastercard-visa (EMV) standard, the global standard for secure payments.

The BSP pursues this under its Digital Payments Transformation Roadmap, which aims to convert at least half of the total volume of retail payments into digital form and to onboard at least 70 percent of Filipino adults to the financial system through transaction account ownership by 2023.