The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) published its 2024 Report on the Status of Digital Payments in the Philippines, showing that digital payments accounted for 57.4% of monthly retail transactions by volume and 59.0% by value in 2024. This compares with 52.8% (volume) and 55.3% (value) in 2023, extending growth after the 50% volume digitalisation target was exceeded in 2023. Merchant payments, person-to-person transfers and business-to-business supplier payments remained the main drivers, representing 66.4%, 20.6% and 6.2% of monthly digital payment volume, respectively, or 93.2% combined. The report also cites increasing consumer use of digital payments for e-commerce purchases, bill payments and electronic fund transfers, and notes that the number of merchants accepting QR Ph grew 148.7% year-on-year in 2024. The BSP reiterated its focus on strengthening the payments ecosystem through interoperable systems, public-private partnerships and the development of use cases, alongside maintaining consumer safety and trust.
Central Bank of the Philippines 2025-07-07
Central Bank of the Philippines reports digital payments reached 57.4% of retail transaction volume and 59.0% of value in 2024
Digital payments in the Philippines accounted for 57.4% of monthly retail transactions by volume and 59.0% by value in 2024, up from 52.8% and 55.3% in 2023. Merchant payments, person-to-person transfers, and business-to-business supplier payments were key drivers, comprising 93.2% of digital payment volume. The BSP is committed to enhancing the payments ecosystem through interoperability, partnerships, and consumer safety initiatives.