P2.5 trillion in 2 months: PESONet & InstaPay drive digital revolution

The Philippines is witnessing a significant surge in digital payments, with transactions processed through PESONet and InstaPay reaching P2.536 trillion in the first two months of 2024.

This reflects a 38.5% increase compared to the same period in 2023. The volume of transactions also saw a 73.69% jump, reaching 202.1 million. This highlights the growing number of Filipinos embracing digital payment solutions.

PESONet saw its volume peak in January (8.0 million transactions) before dipping slightly in February (7.8 million). The transaction value followed a similar trend, with January leading at P797.4 billion compared to February’s P735.1 billion.

InstaPay, known for its real-time, low-value transactions, experienced a similar pattern. February saw a slight decrease in volume (93.1 million) compared to January (93.2 million). Transaction value also dipped, with February totaling P496.3 billion versus January’s P507.8 billion.

Currently, 86 banks and non-banks participate in InstaPay, including major banks, rural banks, digital banks, and non-bank financial institutions. PESONet boasts an even wider network with 109 participants.

The continued rise in digital transactions can be attributed to the growing popularity of QR Ph codes and the momentum gained during the pandemic lockdowns.

With restrictions limiting movement, Filipinos were forced to find alternative ways to conduct transactions, accelerating the shift towards e-payments.

This trend is expected to continue, solidifying the Philippines’ position as a leader in digital payments adoption within Southeast Asia.

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