The Philippines posted strong gains in digital finance, with digital payments accounting for 57.4 percent of monthly retail transactions by volume and 59 percent by value in 2024, according to the Bangko Sentral ng Pilipinas (BSP). This marks a steady increase from only 52.8 percent and 55.3 percent, respectively, in 2023, reinforcing the country’s ongoing digital transformation.
The upward trend underscores the economic significance of digitalization, driven by policy reforms, industry collaboration, and growing consumer trust. Since 2013, when digital payments made up only 1 percent of transaction volume, usage has expanded more than 50-fold—highlighting the BSP’s success in exceeding its 2023 digitalization goal of 50 percent.
Key contributors to the growth include merchant payments (66.4 percent of digital volume), person-to-person (P2P) transfers (20.6 percent), and business-to-business (B2B) supplier payments (6.2 percent). The surge reflects broader adoption of digital tools for e-commerce, bills payment, and fund transfers—trends validated by the BSP’s Q4 2024 Consumer Expectation Survey.
Merchant adoption of QR Ph—a national QR code standard—also soared, with a 148.7 percent year-on-year increase in 2024, further cementing digital payments in daily commerce.
BSP governor Eli M. Remolona emphasized that digital finance plays a vital role in connecting markets and expanding financial inclusion. “We aim to foster an environment that empowers our regulated entities and fintech partners to design financial products that are accessible and responsive to consumer needs,” he said.
Through interoperable systems, public-private partnerships, and strategic innovation, the BSP is building a more inclusive and resilient financial ecosystem—positioning the digital economy as a key driver of national growth.
In summary, these developments strongly reinforce the 2024 data showing the country’s accelerating shift to digital finance. With digital payments now accounting for 57.4 percent of transaction volume and 59 percent of value, and with merchant payments, P2P transfers, and B2B payments leading the way, the momentum is clear.
The rapid adoption of QR Ph continues to drive this transformation. Backed by strategic policy reforms, interoperable infrastructure, and rising consumer trust, digital finance is not only expanding access and inclusion but also delivering tangible economic gains—from increased GDP output to broader financial participation among the unbanked.
