Digital payments in the Philippines continued their upward trajectory in 2024, accounting for over 57% of all monthly retail transactions, according to data released Monday by the Bangko Sentral ng Pilipinas (BSP).
The BSP reported that digital payments made up 57.4% of total monthly retail transactions by volume—up from 52.8% in 2023. In terms of value, digital payments also posted faster growth, climbing to 59% from the previous year’s 55.3%. The total value of these transactions reached USD136 billion.
“This development underscores a significant shift toward digital financial systems,” the BSP noted, highlighting growing public trust in online payment platforms as the Philippines moves toward a more digitally connected economy.
The central bank identified merchant payments as the top contributor to digital payment volume, accounting for 66.4%. Person-to-person (P2P) transfers followed at 20.6%, while business-to-business (B2B) supplier payments made up 6.2%.
BSP Governor Eli Remolona emphasized the central bank’s commitment to digital inclusion. “We continue to pursue our vision of leveraging technology and finance not just to connect markets but to bring every Filipino into the fold of the formal financial system,” he said.
He added that innovation, when backed by supportive regulation and strong partnerships with fintechs, can drive the development of financial products that are both accessible and responsive to consumer needs.
The BSP said it will further enhance the digital payment ecosystem by advancing interoperable systems, forging public-private partnerships, and promoting inclusive use cases. These efforts aim to make digital transactions more accessible, affordable, and beneficial for all sectors of society.
“The BSP remains committed to building a safe, efficient, and inclusive payment system that encourages innovation and helps every Filipino fully engage in the digital economy,” the central bank said.