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April 12, 2024

Digital payments boom in the Philippines: PESONet and InstaPay transactions soar to P2.54 trillion in two months

The Philippines is experiencing a notable surge in digital payment adoption, as evidenced by transactions facilitated through PESONet and InstaPay, which collectively amounted to P2.536 trillion in the first two months of 2024.

This marks a substantial 38.5% increase compared to the corresponding period in 2023, with transaction volume also soaring by 73.69% to reach 202.1 million.

These figures underscore the growing preference among Filipinos for digital payment solutions.

PESONet witnessed its peak volume in January, recording 8.0 million transactions, before experiencing a slight decline in February to 7.8 million. Similarly, transaction values followed a comparable trajectory, with January’s total reaching P797.4 billion, slightly exceeding February’s P735.1 billion.

InstaPay, renowned for its real-time, low-value transactions, demonstrated a similar trend, with February witnessing a marginal decrease in volume (93.1 million) compared to January (93.2 million). Transaction values also experienced a dip, with February totaling P496.3 billion versus January’s P507.8 billion.

Presently, InstaPay boasts participation from 86 banks and non-banks, encompassing major banks, rural banks, digital banks, and non-bank financial institutions. PESONet enjoys an even broader network, with 109 participants.

The persistent upward trajectory in digital transactions can be attributed to the growing utilization of QR Ph codes, as well as the momentum gained during the pandemic-induced lockdowns. With movement restrictions in place, Filipinos sought alternative avenues for transactions, hastening the transition to e-payments.