Manila: The share of digital payments to total monthly retail transactions rose by over 50 percent last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. BSP data showed that digital payments' share to total monthly retail transactions went up by 57.4 percent in terms of volume, higher than the 52.8 percent recorded in 2023.
According to Philippines News Agency, digital payments' share also recorded a growth of 59 percent in 2024 in terms of value, compared to 55.3 percent the previous year. The total value of monthly digital payments reached USD136 billion. "This development underscores a significant shift toward digital financial systems, reflecting increased public trust and reliance on digital payment infrastructure as the country advances toward a more digitally integrated economy," the central bank said.
Merchant payments, person-to-person (P2P) transfers, and business-to-business (B2B) supplier payments continued to be key contributors to growth in digital payments. The BSP reported that merchant payments accounted for about 66.4 percent of the monthly digital payment volume, with P2P transfers and B2B supplier payments comprising 20.6 percent and 6.2 percent, respectively.
BSP Governor Eli Remolona stated, '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.' He emphasized the aim to foster an environment that empowers regulated entities and fintech partners to leverage innovation in designing financial products that are accessible and responsive to consumer needs.
The BSP committed to enhancing the payments ecosystem through interoperable systems, public-private partnerships, and developing use cases that benefit all sectors of society. This initiative aims to make transactions more accessible, affordable, and inclusive. "The BSP remains committed to promoting a safe, efficient, and inclusive payments system-one that supports innovation, strengthens financial resilience, and empowers every Filipino to participate more meaningfully in the digital economy," the BSP said.
