The Cashless Expo 2023, a collaborative effort between the Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI), is poised to drive the adoption of cashless payments in the Philippines. This three-day event promises to reshape how financial transactions are conducted in the country, promoting efficiency and inclusivity.
Changing the Transaction Landscape:
The expo aims to shift the Philippines from person-to-person transactions to person-to-merchant interactions, encouraging micro, small, and medium-sized enterprises (MSMEs) to embrace digital payment systems. This transition streamlines business finances and makes it more convenient for consumers to engage with MSMEs in a digital economy.
Empowering MSMEs:
For the first time, the Cashless Expo 2023 will exclusively accept digital payments, with financial services firms on hand to assist visitors in setting up e-wallets. This shift empowers MSMEs and ensures a smooth transition to a cashless experience.
Consumer Preference:
The expo comes at a time when 84 percent of Filipinos are already using cashless transactions, according to a Consumer Payments Habits study by Visa in 2022. This presents an excellent opportunity to instill confidence in digital transactions and encourage their continued use.
Enhancing Financial Literacy:
The expo isn’t just about digital payments; it’s also about enhancing financial literacy. Educational sessions will help both MSMEs and consumers use digital services responsibly, ensuring that they fully understand the benefits and how to utilize them wisely.
Expanding Opportunities:
The Cashless Expo 2023 opens doors for MSMEs to grow their businesses, access credit, and reach a wider consumer base through digital payments. This event promotes consumer awareness and positively influences their preferences.
Coin to E-Wallet Conversion:
In a related development, the BSP has converted nearly P98.45 million worth of coins into e-wallet credits through 25 coin deposit machines in the Greater Manila Area, a testament to the growing acceptance of digital payments.
Event Details:
The Cashless Expo 2023 takes place from November 17 to 19, 2023, at the World Trade Center in Pasay, Manila. For more information, please visit https://www.cashlessexpo.ph/
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