The Philippines has seen steady growth in digital payments, with digital transactions now making up 57.4% of all monthly retail payments by volume and 59.0% by value, according to a new report from the Bangko Sentral ng Pilipinas (BSP).
The figures, released in the BSP’s 2024 Report on the Status of Digital Payments in the Philippines, mark an increase from 52.8% in volume and 55.3% in value back in 2023. This growth exceeds the central bank’s 2023 target of 50% digital payments adoption.
The rise reflects stronger consumer trust in digital transactions, supported by policy reforms and market developments, the BSP said. Merchant payments, person-to-person (P2P) transfers, and business-to-business (B2B) payments remained the biggest drivers, accounting for 93.2% of all digital transactions. Merchant payments alone made up 66.4% of the volume, followed by P2P transfers (20.6%) and B2B payments (6.2%).
A separate BSP survey also found more Filipinos using digital payments for online shopping, bills, and fund transfers. Meanwhile, the number of merchants accepting QR Ph payments surged by 148.7% in 2024.
The BSP plans to further strengthen digital payments through partnerships, interoperable systems, and policies that balance innovation with consumer protection. But as adoption grows, the central bank emphasized the need to maintain security and trust in digital finance.