BSP wants more informal sellers to accept digital payments

The Bangko Sentral ng Pilipinas (BSP) is ramping up efforts to bring more small and informal merchants into the digital payments fold, according to a report by Philstar Biz. The central bank aims to expand electronic payment adoption across the country by reducing barriers for sellers who typically operate outside the formal financial system.

Key measures being considered include easing customer onboarding requirements for digital payment providers, making it simpler for informal vendors to open accounts or register for payment services. The BSP is also looking to address high transfer fees that discourage small merchants from accepting digital payments.

The initiative aligns with the BSP's broader push to increase the share of digital payments in the country's total transaction volume, targeting a shift toward a cash-lite economy. By lowering entry barriers, the central bank hopes to capture a larger segment of the informal retail sector and boost financial inclusion.