By Bilyonaryo staff
Digital payments have become the dominant way Filipinos transact, accounting for nearly two-thirds of retail payment volume last year as QR Ph overtook debit and credit cards combined for the first time.
Digital transactions accounted for 64.7% of retail payments, up from 57.4% in 2024 and above the government’s 60% target under the 2023–2028 Philippine Development Plan, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The milestone was accompanied by a sharp rise in QR payments. Transactions using QR Ph, the country’s national QR payment standard, reached 2.47 billion worth P1.16 trillion, surpassing combined debit and credit card transactions for the first time.
Electronic transfers also continued to displace traditional payment methods, with transactions through PESONet overtaking paper checks.
BSP Governor Eli Remolona Jr. attributed the shift partly to greater interoperability among payment platforms, allowing customers and merchants to transact more easily across banks and electronic wallets.
Digital payment accounts increased 69.4%, while merchant outlets accepting electronic payments rose 36.3%, widening the network of consumers and businesses able to transact without cash.
The BSP is also seeking to bring down barriers to electronic transfers. Under Circular No. 1238, banks and other covered institutions are required to align fees for interbank electronic transfers with charges for transfers within the same institution.
The growth puts digital payments comfortably above the government’s medium-term target, with QR codes and electronic fund transfers increasingly challenging cards, checks and cash in everyday transactions.—Bilyonaryo.com
