THE Philippines achieved its digital payments target last year, reflecting the continued shift of Filipinos toward faster and more convenient electronic payments, the Bangko Sentral ng Pilipinas (BSP) said.
In a statement on Monday, Aug. 17, 2026, the BSP said that based on its recent report, the share of digital payments to the country’s total retail payments went up to 64.7 percent last year, surpassing the 60 percent to 70 percent target in the Philippine Development Plan for 2023-2028.
In 2024, the share of digital payments of the total retail payments was at 57.4 percent.
“The BSP continues to work closely with industry and government partners to expand digital payments to benefit more Filipinos and the economy as a whole,” BSP Gov. Eli Remolona Jr. said.
“A lot of the growth is due to our insistence on interoperability, ensuring that a growing number of businesses and service providers are on one system. That brings in more users, which makes the network more valuable for everyone in it, including consumers, businesses, banks, e-wallets, and other platforms.”
Data from the BSP’s 2025 Report on the Status of Digital Payments in the Philippines show that the continued growth of digital payments in the country was supported by a 69.4-percent increase in digital payment accounts, and a 36.3-percent rise in merchant locations or business outlets that accept digital payments.
QR Ph transactions also exceeded debit and credit card transactions for the first time in 2025.
The BSP said this reflects a growing preference for interoperable, account-based payments.
A total of 2.47 billion QR Ph transactions worth P1.16 trillion were processed during the year.
The BSP said PesoNet transactions have also surpassed check payments, reflecting the growing use of electronic fund transfers for business and personal transactions.
It said the increase in digital payments is expected to continue, aided by policies meant to make electronic payments more accessible and affordable.
Under Circular 1238, the BSP pushes for reasonable transfer fees, requiring that charges for sending funds from one bank or e-wallet provider to a different financial institution should not be materially different from those made within the same institution. / PNA
