Digitalization shift to lower demand for currencies

By Philippine News Agency

Jun 21, 2022 12:13 am

PAYMENT system digitalization is expected to lower demand for physical currencies and this will reduce cost for banknotes and coins production, according to the Bangko Sentral ng Pilipinas (BSP).

In a virtual briefing on Monday, BSP Governor Benjamin Diokno said the emergence of contactless payment technology has revolutionized the retail payment system.

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