USAID E-PESO YEAR 2 WORKPLAN

The program aims to promote a shift to electronic payments (e-Payments) to realize the potential for inclusive economic growth. With 99% of payment transactions in the Philippines taking place through cash, the program seeks to increase electronic payment adoption and usage. The program will support the development of a lasting, inclusive e-Payment infrastructure that meets the needs of Filipinos, including those struggling to escape poverty. E-Payments offer a secure, cost-effective means to enable Filipinos to gain access to a broader range of financial services that can help them build assets, better withstand shocks, and participate more broadly in the formal economy. The program will also enable greater growth of e-Commerce, including the development of new categories of products and services. To achieve these objectives, the program focuses on four sub-purposes: Rapid Adoption of e-Payments in the Financial System, Infrastructure for e-Payments Expanded, Enabling Environment for e-Payments Improved, and Gaps in Broader e-Payment Ecosystem Addressed. The program will provide technical assistance to the Government of the Philippines (GPH) agencies in improving their services by expanding the use of e-money in government-to-person (G2P) and person-to-government (P2G) payments. The program will also work to bring the benefits of digital payments to targeted businesses, including businesses from the fast-moving consumer goods industry. E-PESO will partner with the GPH and private sector to achieve rapid, widespread increase in electronic payment adoption and usage. Through E-PESO support, e-Payments will account for 20% of retail transactions in five years' time. The program will build on the GPH leadership in promoting e-Payments as a vehicle for expanding financial inclusion. The Bangko Sentral ng Pilipinas (BSP) has recognized the Philippines as one of the top global leaders in promoting financial inclusion, and the program will focus on ensuring that the majority of Filipinos have access to an electronic transaction account. Over the next five years, Filipinos will benefit from new and innovative electronic payment products, increased number of outlets to spend electronic money, improved transparency and accountability in their transactions with government, and a strong regulatory environment that protects consumers. The program will provide technical assistance to the GPH agencies in improving their services by expanding the use of e-money in G2P and P2G payments. E-PESO will also work to bring the benefits of digital payments to targeted businesses, including businesses from the fast-moving consumer goods industry. The program will focus on four sub-purposes: Rapid Adoption of e-Payments in the Financial System, Infrastructure for e-Payments Expanded, Enabling Environment for e-Payments Improved, and Gaps in Broader e-Payment Ecosystem Addressed. The program will partner with the GPH and private sector to achieve rapid, widespread increase in electronic payment adoption and usage. Through E-PESO support, e-Payments will account for 20% of retail transactions in five years' time. The program will build on the GPH leadership in promoting e-Payments as a vehicle for expanding financial inclusion. The Bangko Sentral ng Pilipinas (BSP) has recognized the Philippines as one of the top global leaders in promoting financial inclusion, and the program will focus on ensuring that the majority of Filipinos have access to an electronic transaction account.