He said that by that time, small transactions would be done by quick response (QR) codes which will be available through the national identification system.
Diokno said in an interview with BusinessWorld that the COVID-19 pandemic has pushed the country to implement digitalize financial transactions since contactless payment solutions would prevent the spread of the disease.
“Talking of cashless society, maybe not within my lifetime but I can assure you maybe a coinless society by 2025 for sure because that will be replaced by the QR Code PH which we are pushing to get our national ID,” he said.
BSP was in charge of the national ID printing (capacity of 154,000 cards per day). The IDs have a QR code printed at the back.
“As you know, the central bank is responsible for printing our national ID which will have a QR code at the back and that will accelerate the use of maybe small transactions, you can use that,” said Diokno.
BSP governor: Philippines will be coinless by 2025
In 2018, the BSP released the new designs of the New Generation Currency (NGC) Coin Series in P10, P5, P1, P0.25, P0.05, and P0.01 denominations.
Diokno earlier said he wants 50% of all transactions done digitally by the end of his term in 2023, aiming 70% of all adult Filipinos having a bank account.
“I think the pandemic has actually accelerated that vision so we’ll accomplish all these objectives much sooner rather than later,” he said.
“I’m very optimistic that the future will be digitalized, that there’ll be less contact in the way we live, in the way we play, in the way we operate, so yes, digitalization will be one of the major beneficiaries of this pandemic,” he added.
According to a study conducted by global technology firm Cisco, the digitalization of local businesses could add as much as $28 billion to the economy by 2024.