Digital payments accounted for 64.7% of retail transactions in the Philippines in 2025, putting the country within the government’s target range for digital payments through 2028, according to the Bangko Sentral ng Pilipinas (BSP).
The share increased from 57.4% in 2024 and is now within the 60% to 70% target set under the Philippine Development Plan 2023-2028.
The BSP attributed the increase partly to the expansion of digital payment accounts and businesses accepting electronic payments.
Data from its 2025 Report on the Status of Digital Payments in the Philippines showed digital payment accounts increased by 69.4%, while merchant locations accepting digital payments grew by 36.3%.
“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 governor Eli M. Remolona Jr. said.
Remolona said interoperability among banks, e-wallets, merchants and other payment providers has played a major role in expanding usage.
“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,” Remolona said.
“That brings in more users, which makes the network more valuable for everyone in it, including consumers, businesses, banks, e-wallets, and other platforms.”
QR Ph also overtook debit and credit cards in transaction volume for the first time in 2025, indicating increased use of interoperable, account-based payments.
The BSP recorded 2.47 billion QR Ph transactions during the year with a combined value of P1.16 trillion.
PesoNet transactions, meanwhile, surpassed check payments as businesses and individuals increasingly used electronic fund transfers instead of paper checks.
The central bank expects digital payment usage to continue growing as it introduces policies aimed at reducing barriers to electronic transactions.
Under BSP Circular No. 1238, financial institutions are required to apply reasonable transfer fees. Fees for sending funds from one bank or e-wallet to another financial institution should not be materially different from charges imposed on transfers within the same institution, according to the BSP.
