According to the Bangko Sentral ng Pilipinas (BSP), digital payments in the Philippines continued to increase in 2024, as more consumers and businesses adopted cashless transactions.
In its 2024 Report on the Status of Digital Payments in the Philippines, the BSP said digital payments accounted for 57.4% of monthly retail transactions by volume and 59% by value. These were higher than 52.8% and 55.3% in 2023.
“The BSP continues to pursue its vision of harnessing technology and finance not only to connect markets but also to ensure that every Filipino becomes part of the formal financial system,” said Bangko Sentral Governor Eli Remolona.
The 2024 figures exceeded the 50% digitalization target set for 2023. The BSP attributed the growth to market trends, policy initiatives, and greater trust and familiarity with digital options.
Merchant payments made up 66.4% of digital transactions, person-to-person (P2P) transfers 20.6%, and business-to-business (B2B) payments 6.2%, combining for 93.2% of the total volume.
The BSP Consumer Expectation Survey for the fourth quarter of 2024 also showed more people using digital tools for online shopping, bill payments, and fund transfers. The number of merchants accepting QR Ph grew by 148.7% year-on-year in 2024.
“In this light, we aim to foster an environment that empowers our regulated entities and fintech partners to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers,” Remolona added.
The BSP said it will continue improving the digital payments system through interoperability, public-private partnerships, and more inclusive use cases.
“Expansion of the digital finance ecosystem makes transactions more accessible, affordable, and inclusive,” the BSP said.
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