The Philippines government stated Tuesday that it is prepared to become a fully cashless society, partly in response to the rapid spread of COVID-19 throughout the country last year and the role played in doing so by the handling of money.
The BSP has already adopted a National Quick Response (QR) Code Standard for digital transactions, with all other banks and financial technology firms expected to follow suit. The standard is tipped to increase the proliferation of contactless payments, with the BSP aiming to complete half of its financial transactions digitally by 2023.

Source: asgam.com