THE country has reached its digital payments target ahead of schedule, the Bangko Sentral ng Pilipinas (BSP) said on Monday, with electronic transactions having made up 64.7 percent of total retail payments last year.
Digital payments accounted for 64.7 percent of total retail payment transactions in the Philippines in 2025, up from 57.4 percent in 2024 and hitting the 60–70 percent target that was set for 2028.
“A lot of the growth is due to our insistence on interoperability, ensuring that a growing number of businesses and service providers are on one system,” BSP Governor Eli Remolona Jr. said in a statement.
“That brings in more users, which makes the network more valuable for everyone in it, including consumers, businesses, banks, e-wallets, and other platforms,” he added.
“The BSP continues to work closely with industry and government partners to expand digital payments to benefit more Filipinos and the economy as a whole.”
The number of digital payment accounts increased by 69.4 percent during the year and merchant locations, or business outlets that accept digital payments, likewise increased by 36.3 percent.
A total of 2.47 billion QR Ph transactions worth P1.16 trillion were also processed in 2025.
The BSP has been pursuing interoperability as a key component of its digital payments strategy, with systems such as QR Ph allowing customers of participating banks and e-wallets to transact across different platforms.
The QR Ph increase points to the growing use of interoperable, account-based payments as consumers increasingly use their bank accounts and e-wallets to make purchases and transfer money through QR codes.
The BSP has identified interoperability as an important factor in making digital payments more convenient and accessible, particularly as more consumers and businesses join the electronic payments ecosystem.
“The BSP expects the momentum for digital payments to continue, aided by policies meant to make electronic payments more accessible and affordable,” Remolona said.
BSP Deputy Governor Mamerto Tangonan has said that payment transactions had markedly increased after banks waived or reduced fund transfer fees.
Banks have removed or reduced transfer charges following a new BSP pricing framework aimed at making digital payments more affordable.
