Techie shift: BSP replaces unfit banknotes with digital currency

The Bangko Sentral ng Pilipinas (BSP) has rolled out a new strategy to encourage more consumers to shift to digital payments and e-wallets.

BSP field officers are accepting soiled, limped, and unfit bills and coins through booths set up in public markets for replacement. Rather than hand out crisp paper bills, the person who swapped the banknote receives digital currency, whih can be used to purchase goods and pay for services.

The “BSP Piso Caravan” elevates the currency exchange program beyond banks. It has been tested at a public market in Tagbilaran City in Bohol.

Will this be the new normal for exchanging banknotes that are unfit for circulation?