Digital payment transactions coursed through PESONet and InstaPay surged to ₱13.18 trillion in the first five months of the year, with transaction volumes nearly tripling as Filipinos increasingly rely on digital channels for their daily needs.

According to the latest data from the Bangko Sentral ng Pilipinas (BSP), combined transactions through PESONet and InstaPay jumped by ₱4.05 trillion, or 44.4 percent, as of end-May from ₱9.13 trillion in the same period of 2025.

This cumulative value translated to a massive spike in the combined volume of transactions through the two automated clearing houses, climbing to 3.48 billion in the first five months of 2026 from 1.21 billion a year earlier. This year-on-year shift nearly tripled the total number of transactions recorded in 2025.

Transactions coursed through PESONet jumped in value by ₱1.56 trillion, or 30.7 percent, to ₱6.62 trillion during the period from ₱5.06 trillion in 2025. Transaction volume also increased by 12.6 percent to 52.5 million from 46.7 million a year ago.

Meanwhile, the value of transactions channeled through InstaPay jumped by more than three-fifths to ₱6.56 trillion from ₱4.06 trillion the previous year, equating to a year-on-year increase of ₱2.5 trillion.

As for the volume of InstaPay transactions, transfers as of end-May 2026 nearly tripled to 3.43 billion from 1.16 billion in 2025.

In May alone, fund transfers through PESONet and InstaPay stood at ₱2.79 trillion, jumping by 41 percent from the ₱1.98 trillion recorded in May last year. Combined volume for the month more than doubled to 761.4 million from 369 million.

Transactions via PESONet in May 2026 stood at ₱1.33 trillion across a total of 10.6 million transfers. InstaPay transactions reached ₱1.47 trillion during the month, carried out through 750.8 million transactions—more than double the volume from a year ago.

PESONet and InstaPay are automated clearing houses introduced in December 2015 as part of the BSP’s National Retail Payment System (NRPS) framework.

PESONet handles high-value transactions and serves as an electronic alternative to paper checks, while InstaPay is a real-time electronic fund transfer service for low-value transactions of up to ₱50,000, commonly used for remittances and e-commerce.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UnionBank), noted that digital payments are now “becoming the default mode for both households and businesses given their convenience, speed, and broader ecosystem integration.”

Asuncion explained that this rapid usage expansion also reflects deeper financial inclusion, as Filipinos grow increasingly reliant on e-payments for daily transactions.

Last week, the BSP lifted its five-year freeze on digital transfer fees, allowing lenders to adjust pricing for the country’s primary electronic fund channels. This effectively removed the ceiling the central bank had put in place back in 2021.

Asuncion said the regulator's move could create “short-term sensitivity among users, but if it results in lower, more efficient pricing, it should ultimately accelerate usage—especially among more price-sensitive segments.”