DIGITAL payment activity continued to expand sharply in the first eight months of the year, with money coursed through the country’s two major electronic fund transfer systems surpassing P22 trillion.
Combined transaction value reached P22.12 trillion from January to August 2026, up 44.72 percent from the P15.29 trillion recorded in the same period in 2025, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The two payment systems processed a total of 5.77 billion transactions during the eight-month period, up 141.79 percent from 2.39 billion transactions recorded in the same period a year earlier.
InstaPay accounted for the bulk of the increase in transaction volume, reaching 5.68 billion, up 145.96 percent from the 2.31 billion transactions recorded in the same period last year.
The value also climbed to P11.08 trillion, a 59.9-percent increase from P6.93 trillion a year earlier.
PESONet, meanwhile, handled 87.06 million transactions worth P11.05 trillion in the first eight months. Its transaction volume increased 14.81 percent from 75.83 million a year earlier, while transaction value rose 32.14 percent from P8.36 trillion.
InstaPay is an electronic fund transfer service that enables near-instant transfers between participating financial institutions.
PESONet, meanwhile, is also an electronic fund transfer system typically used for higher-value transactions by businesses, institutions and government agencies.
In August alone, InstaPay and PESONet processed a combined 791.22 million transactions worth P2.96 trillion.
Combined transaction volume increased 2.33 percent from July’s 773.19 million, but combined transaction value declined 3.58 percent from P3.07 trillion in July.
InstaPay transaction volume increased 2.59 percent to 780.56 million in August from 760.85 million in July. Its transaction value rose 2.47 percent to P1.57 trillion from P1.53 trillion. Compared with August 2025, InstaPay volume was up 83.44 percent, while value increased 57.40 percent.
PESONet, on the other hand, recorded a decline in both volume and value in August. Transactions fell 13.61 percent month-on-month to 10.66 million from 12.34 million, while transaction value dropped 9.59 percent to P1.39 trillion from P1.54 trillion.
The increased use of electronic fund transfers has allowed the Philippines to reach a digital payments target ahead of schedule.
Digital payments accounted for 64.7 percent of total retail payment transactions last year, up from 57.4 percent in 2024 and hitting the 60–70 percent goal set for 2028.
