How Is The International Payment System So Quick And Robvust Despite Different Currencies And Taxation System Of Each Country?

Suppose you want to send money to Philippines from any part of the world, now it is the task of a few clicks from your mobile application. As a result of globalization and advances in electronic and communication technologies, international remittance is rapidly changing and developing. As a rule, the whole planet is now part of the global economy. The benefits of the global economy mean that, despite differing levels of economic growth in different countries, innovations and goods are available to people worldwide.

It enables all countries to specialize in specific trades and engage in and profit from global markets, allowing them to maximize the use of their capital, labor, and other production advantages. Multinational corporations have risen due to globalization, allowing them to set up manufacturing anywhere it is less expensive and sells their products in countries where markets exist.

What Is The Trend Of Digital Payment System In Southeast Asian Countries?

Nearly 20 years ago, our nation was one of the first to pioneer digital payments. Recognizing the untapped consumer potential and the ability to expand financial inclusion, the Bangko Sentral ng Pilipinas (BSP) has collaborated with the government and leaders in the financial, retail, and regulatory sectors to promote digital payments, especially money transfers to Philippines from abroad.

After introducing the first digital payments diagnostic three years ago, the Philippines has made significant strides in creating an inclusive digital payments ecosystem. In 2013, digital payments accounted for only 1% of the total transaction volume in the region. The volume of digital payments increased to 10% in 2018, corresponding to a 20% share of full transaction size, according to this follow-up diagnostic report. These figures indicate substantial development and achievement of online money transfers to Philippines from abroad.

What Is The Role Of Women In The Implementation Of The Digital Payment System?

When the country adopted health and social-distancing protocols, the COVID-19 pandemic catalyzed a change in understanding. It provided the requisite impetus for more users – individuals, companies, and the government – to use new payment systems, i.e. you send money to Philippines online.

Notably, Filipino women outnumber men in digital payment adoption, putting us ahead of international norms. As shown by the increasingly increasing adoption of emerging QR codes for digital transactions, fintech, and its technologies are beginning to play a transformative role. National economists are confident that e-payments will gain traction in the coming years, as we have put in place the requisite foundations to drive innovation and inclusive development.