QR Ph accounted for more than half of all payment volume processed by fintech company PayMongo Group in the first half of 2026, overtaking cards and e-wallets as the preferred payment method for businesses in the Philippines.
Based on PayMongo’s transaction data, QR Ph made up 55% of total payment volume from January to June 2026, a sharp increase from just 16% a year earlier. Payment volume through QR Ph grew more than 510% year over year, while card payments fell 8% and online banking dropped 26%.
The shift reflects how businesses and consumers are increasingly using QR codes and mobile payments for everyday purchases. QR Ph and e-wallets together accounted for 76% of payment volume and nearly nine out of every 10 transactions processed on the platform during the period.
PayMongo said one reason for QR Ph’s rapid growth is its interoperability. A single QR code can accept payments from participating banks and e-wallets, allowing merchants to use one payment system instead of managing multiple apps or terminals.
Despite losing market share, cards remain important for larger purchases. They represented 19% of payment volume but only 7% of total transactions, indicating that businesses and consumers still prefer cards for high-value purchases, corporate expenses, and one-time payments. E-wallets accounted for 21% of payment volume.
The growth in digital payments also translated into higher transaction activity. PayMongo processed nearly 10 million completed transactions in the first half of 2026, up 89% from about 5.2 million during the same period last year. Its merchant base, which includes online stores, physical retailers, service businesses, and enterprise customers, expanded 93% year over year.
The company also reported growing demand for simple digital payment tools among small businesses. Merchants using Shopify increased 18% year over year, while payment volume on the platform grew 6%.
Businesses using PayMongo Pages, the company’s no-code online payment page, collected almost ₱1 billion without building their own websites or integrating payment systems.
Digital payments also gained ground in physical stores. Merchants using PayMongo’s in-store QR Ph solution more than doubled from a year earlier, while in-store QR Ph transactions more than tripled.
The payment trends align with the Bangko Sentral ng Pilipinas’ initiatives to expand digital payments and increase financial inclusion. PayMongo said the data suggests more Philippine businesses, from neighborhood stores to large enterprises, are adopting digital payment systems as customers increasingly choose mobile payments over cash and cards for daily transactions