More than half of the Philippines’ retail payments are now done digitally, with the Bangko Sentral ng Pilipinas (BSP) reporting that digital transactions made up 57.4% of volume and 59% of value in 2024.
This exceeds the government’s 52–54% target and reflects rising public trust in digital finance, said BSP Governor Eli Remolona Jr.
The surge has been driven by expanded use of e-wallets, QR code payments, and fund transfer platforms like InstaPay, with merchant payments and person-to-person transfers leading the growth.
QR Ph adoption among merchants jumped nearly 150%, while government disbursements remained the most digitized at 97.2%.
The BSP vowed to maintain a balance between innovation and consumer protection as it builds a secure and inclusive digital financial ecosystem.
Source: PhilNews24 | July 8, 2025
