BSP reports sustained growth in PH digital payment use

Digital payments in the Philippines continued to gain traction in 2024, accounting for over half of all monthly retail transactions, according to new data from the Bangko Sentral ng Pilipinas (BSP).

The central bank on Monday reported that digital payments comprised 57.4 percent of retail transactions by volume last year, a notable increase from 52.8 percent in 2023. In terms of value, digital transactions made up 59 percent, up from 55.3 percent in the previous year.

Total monthly digital payment value reached USD136 billion, reflecting the growing adoption of electronic payment platforms across the country.

"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 BSP said in a statement.

Merchant payments led the growth, representing 66.4 percent of the monthly volume. Person-to-person (P2P) transfers made up 20.6 percent, while business-to-business (B2B) supplier payments accounted for 6.2 percent.

BSP Governor Eli Remolona highlighted the central bank’s continued push to promote inclusive digital finance. “We aim to foster an environment that empowers our regulated entities and fintech partners to leverage innovation in designing financial products that are not only accessible but also more responsive to the needs of consumers,” Remolona said.

To further expand digital financial inclusion, the BSP said it would continue to strengthen the payments ecosystem through interoperability, public-private partnerships, and development of digital use cases that benefit all sectors of society.

“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,” it added.