The combined value of InstaPay and PESONet transactions exceeded P16 trillion in the first half of the year, signaling a sustained shift toward digital payments among Filipinos.
Central bank data showed the total value of transactions through the two payment gateways rose 44.61% to P16.09 trillion as of June, up from P11.126 trillion a year earlier.
Transaction volume also surged, climbing 166.5% year on year to 4.203 billion from 1.577 billion in the same period last year.
InstaPay accounted for the bulk of the growth, with volume nearly tripling at 172.18% to 4.139 billion transactions. Its total value reached P7.977 trillion, a 60.26% increase from P4.978 trillion.
PESONet, used mainly for high-value transfers, recorded a 13.84% annual rise in volume to 64.065 million. Its transaction value stood at P8.113 trillion, up 31.94% from P6.149 trillion.
Both platforms operate under the central bank’s National Retail Payment System. InstaPay facilitates real-time transfers of up to P50,000, while PESONet serves as an electronic alternative to paper-based checks.
Economists described the sustained double-digit expansion as a positive signal for the digital economy, noting that adoption is being driven by convenience, speed, and falling costs.
One economist said lower or zero transfer fees are expected to significantly boost online banking and e-wallet usage in the months ahead as financial institutions comply with new central bank pricing rules.
Another cautioned that transaction values are unlikely to double soon, citing the already large base, but projected continued robust double-digit growth from smartphone penetration, e-commerce, and financial inclusion.
A central bank official said earlier this month that banks saw digital transaction volumes rise by as much as 50% after fee waivers took effect, drawing in new online banking users.
The central bank’s Circular No. 1238, effective July 4, requires banks, e-wallets, and payment providers to adopt fair, market-based pricing for retail digital transfers.
Under the rules, fees for person-to-person transfers between institutions must not materially differ from same-bank transfers, with only the switch cost of about P1.50 permitted as a difference.
As of July 15, 11 universal and commercial banks were offering free person-to-person InstaPay and PESONet transfers, while several digital banks and e-money issuers lowered fees to between P5 and P25.
The merger of the country’s two major clearing operators was recently approved, unifying InstaPay and PESONet oversight under a single payments network entity.
In 2024, digital payments accounted for 57.4% of total monthly retail transaction volume and 59% of total value, up from 52.8% and 55.3% respectively in 2023.
The central bank aims for digital payments to represent 60% to 70% of retail payment volume by 2028 under the national development plan.
