Digital payment transactions flowing through the central bank’s electronic transfer systems surged past ₱19 trillion in the first seven months of the year, driven by aggressive volume expansion following a sweeping series of interbank fee waivers.

According to the latest data from the Bangko Sentral ng Pilipinas (BSP), combined transfer values coursed via PESONet and InstaPay grew 45 percent to ₱19.16 trillion from January to July from the ₱13.23 trillion recorded during the same seven-month period last year.

Total combined transfer volume more than doubled over the period, reaching 4.98 billion transactions compared with 1.95 billion recorded a year earlier.

Transactions coursed through PESONet alone jumped in value by ₱2.35 trillion, or 32.2 percent, to ₱9.65 trillion during the period from ₱7.30 trillion in 2025. Transaction volume also increased by 15 percent to 76.4 million from 66.2 million a year earlier.

Meanwhile, the value of transactions channeled through InstaPay jumped three-fifths to ₱9.51 trillion, up ₱3.58 trillion year-on-year from ₱5.93 trillion in the previous year. As for volume, InstaPay transfers as of end-July 2026 surged to 4.9 billion from 1.88 billion in 2025.

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.

In July alone, fund transfers through PESONet and InstaPay stood at ₱3.07 trillion, an increase of 46 percent from the ₱2.1 trillion recorded in July last year. Combined transaction volume for the month more than doubled to 773.2 million from 373.3 million.

July transactions via PESONet stood at ₱1.54 trillion across 12.3 million transfers. InstaPay transactions reached ₱1.53 trillion during the month across 760.8 million transactions—more than double the volume recorded a year earlier.

Digital payments accounted for nearly 65 percent of total retail transactions in 2025, hitting the BSP’s target three years ahead of schedule. The central bank had originally aimed for a 60-percent to 70-percent digital payment share in overall retail payments by end-2028.

According to the BSP, this unprecedented shift toward a cash-lite society was driven by the recent wave of interbank fee waivers, in which banking heavyweights have already taken part. BSP Governor Eli M. Remolona Jr. said the central bank will continue to work hand-in-hand with industry and government partners to further expand e-payments.