The share of digital payments in total monthly retail transactions increased by over 50 percent last year, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.
BSP data revealed that the share of digital payments in terms of volume rose to 57.4 percent, up from 52.8 percent recorded in 2023. In terms of value, digital payments also saw a significant growth of 59 percent in 2024, compared to 55.3 percent the previous year.
The total value of monthly digital payments reached USD136 billion, indicating a substantial shift toward digital financial systems. The BSP noted that this trend reflects increased public trust and reliance on digital payment infrastructure as the country moves toward a more digitally integrated economy.
Key contributors to the growth in digital payments included merchant payments, person-to-person (P2P) transfers, and business-to-business (B2B) supplier payments. Merchant payments accounted for approximately 66.4 percent of the monthly digital payment volume, while P2P transfers and B2B supplier payments made up 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, particularly through interoperable systems, public-private partnerships, and the development of 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 concluded.