Filipino consumers have become more trusting of digital payment methods, as data from the Bangko Sentral ng Pilipinas (BSP) showed that the value of people’s transactions climbed to more than half of total monthly retail transactions in 2024.

According to the central bank’s 2024 report on the status of digital payments in the Philippines, monthly retail transactions are increasingly being conducted digitally, accounting for 57.4 percent by volume and 59 percent by value, up from 52.8 percent and 55.3 percent, respectively, in 2023.

“This steady year-on-year growth reinforces the momentum built after surpassing the 2023 digitalization target of 50 percent for volume,” the BSP said in a statement on Monday, July 7.

It further noted that this expansion “reflects the long-term impact of market developments, policy initiatives, and the growing trust and familiarity of Filipinos with digital payment options.”

Merchant payments, person-to-person (P2P) transfers, and business-to-business (B2B) supplier payments continued to drive the growth of digital payments. Merchant payments accounted for the bulk at 66.4 percent of monthly digital transactions, followed by P2P transfers at 20.6 percent and B2B payments at 6.2 percent.

These three major payment types drove the increase in digital transactions, accounting for a combined 93.2 percent of the total monthly volume.

According to the BSP, these data align with the central bank’s Consumer Expectation Survey (CES) for the last three months of 2024, “which showed an increasing number of consumers performing digital payments for e-commerce purchases, bills payments, and electronic fund transfers.”

Similarly, the number of merchants accepting QR code payments jumped by 148.7 percent in 2024.

BSP Governor Eli M. Remolona Jr. said the central bank remains committed to using technology and finance to link markets and promote financial inclusion for all Filipinos.

“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 added.

As it continues to strengthen the payments ecosystem, the BSP promotes interoperable systems, partnering with the private sector, and developing use cases that serve all sectors of society.

“Expansion of the digital finance ecosystem makes transactions more accessible, affordable, and inclusive. It also helps microenterprises and underserved sectors thrive in the formal financial system. As digitalization advances, the BSP recognizes the importance of striking a balance between fostering innovation and upholding consumer safety and trust,” the BSP said.