At the core of the electronic payments ecosystem in the Philippines,exists the large consumer base, beneficiaries, advocates, and general public. Currently, only 1% of total payment transactions are electronic.
Electronic financial transactions can vastly improve the lives of more Filipinos.
As the Philippines transitions to a more cash-lite economy, there is a tremendous opportunity for inclusive economic growth, increased economic development, and financial inclusion for all Filipinos.
ePayPilipinas hopes to inform and educate more Filipinos about bringing e-payments into their lives and to support efforts to develop a lasting, inclusive economic infrastructure in the Philippines.
Wider adoption will set the stage for new financial products to enter the Philippine market, which explicitly meet the needs of those who lack access to formal financial services. Enabling access to electronic transaction accounts will provide the backbone to ensure that the majority of Filipinos can use e-Payments—a secure and cost-effective means to access a full range of payment and financial services. This broader range of financial services can help Filipinos build assets, better withstand shocks, and participate more broadly in the formal economy.
Overall, Filipinos will benefit from new and innovative e-Payment products, an increased number of outlets to spend electronic money, improved transparency and accountability in their transactions with government, and a strong enabling regulatory environment that protects consumer finances.