Philippines Digital Payments Hit 57.4% of Retail Volume in 2024 as Value Reaches 59%
Updated
Updated · The Manila Times · Jun 4
Philippines Digital Payments Hit 57.4% of Retail Volume in 2024 as Value Reaches 59%
2 articles · Updated · The Manila Times · Jun 4
Summary
57.4% of Philippine retail payment transactions were digital by volume in 2024, while their share by value reached 59%, according to Bangko Sentral ng Pilipinas data.
Mobile wallets, online bank transfers, QR payments, cards, InstaPay and PESONet drove the shift, with merchant payments, person-to-person transfers and business transactions among the biggest contributors.
GCash and similar services are now widely used by households and market vendors, some preferring them to cash to avoid fake bills and speed up collections.
Cybercrime, phishing, outages and weak internet access still limit adoption, especially for seniors, less digitally literate users and people in remote areas.
The figures underscore the Philippines' move toward a cash-lite economy as banks and the government expand digital infrastructure and cybersecurity.
As digital payments boom, why does the Philippines still lead the world in using cash for in-person shopping?
With cyber fraud tripling, are the savings of 94 million Filipino e-wallet users becoming more vulnerable than ever?
Can high-tech solutions solve financial exclusion when the main barrier for millions is simply a lack of money?
Digital Payments in the Philippines Surpass 57% of Retail Transactions in 2024: Achievements, Challenges, and the Road Ahead
Overview
In 2024, the Philippines strengthened its role in digital payments through domestic initiatives like the widespread adoption of the QR Ph national QR code standard, making transactions more seamless and accessible for both consumers and businesses. This move not only expanded digital payments locally but also aligned the country with regional trends, as many Southeast Asian nations developed their own QR code systems to foster a more interconnected digital economy. Additionally, the Philippines actively participated in enhancing cross-border payment capabilities, further solidifying its position as a key player in the evolving digital financial landscape.