DIGITAL payment has been ubiquitous in the Philippines. In the past two years, there has been a shift toward a cash-lite economy, as nationwide cashless payment usage increased by 30 percent in 2021 from 10 percent pre-pandemic. The Department of Trade and Industry also said 9 out of 10 Filipinos were familiar with cashless payment brands.
Not only was it convenient, but digital payment has also been regarded as a safer, more inclusive way of enabling Filipinos to access various services.
Seeing this unprecedented growth, SM Supermalls expressed its support for the Bangko Sentral ng Pilipinas (BSP)’s financial inclusion campaign by promoting the acceptance and usage of cashless payments in its 80 malls nationwide and on its digital platform, the SM Malls Online app.
“Cashless payment has already been here for quite some time. Even pre-pandemic, we have been working with fintech (financial technology) companies such as GCash and Maya. But today’s event is a consolidated effort of the public and the private sector to push for cashless payments toward financial inclusion,” said Steven Tan, president of SM Supermalls.
Tan was joined by BSP Deputy Governors Bernadette Romulo-Puyat and Mamerto Tangonan, Department of Information and Communication Technology Undersecretary David Almirol Jr., Department of Trade and Industry Assistant Secretary Mary Jean Pacheco,; SM Malls Online app Vice President for Operations Daniel Lim, and China Banking Corp. Senior Vice President and Chief Innovation Officer Delfin Jay Sabido at the launch event of cashless malling at the SM Mall of Asia on October 18.