DIGITAL payment usage for government services grew by 467 percent in 2021, indicating consumers’ “shift of preference” towards online transactions, the Bangko Sentral ng Pilipinas (BSP) chief reported on Thursday.
In an online news briefing, BSP Governor Benjamin E. Diokno said the use of EGov Pay—a system that enables digital payment for government services—grew to over 91,000 transactions at end-2021 from around 16,000 transactions a year earlier.
Diokno added that the value of EGov Pay transactions increased by 300 percent, from around P 61 million in 2020 to nearly P 246 million in 2021.
“The sustained increase in the use of EGov Pay, even after mobility restrictions were lifted, proves the shifting preference of consumers towards greater adoption of digital payments,” the BSP chief said.
The most common payments processed through EGov Pay are fees for government clearances as well as taxes.
From only two government billers when the facility was launched in 2019, 484 billers have been onboarded to EGov Pay at end-April this year.
The billers include provincial and local government units, state colleges and universities, water districts, and other government agencies and offices.
“By participating in EGov Pay, government institutions can efficiently collect revenues, which are crucial to their delivery of public and social services. Moreover, the government may curb revenue leaks through efficient collection means, a better audit trail, and enhanced transparency,” Diokno said.
Earlier this month, the BSP expressed its support for the issuance of the executive order mandating all departments, agencies, and instrumentalities of the government, including state universities and colleges and government-owned or -controlled corporations, and enjoins local government units to utilize digital channels in the disbursement and collection of payments.
“Digital collection of payments will expedite transactions, generate savings for the government and the public, and reduce the risk of graft and corruption,” Diokno earlier said.