The value of digital payments in the Philippines surged 43.1 percent year-on-year to P2.58 trillion in January 2026 on sustained growth in InstaPay and PESONet transactions, according to Bangko Sentral ng Pilipinas (BSP) data.
The BSP said transfers through InstaPay reached P1.24 trillion at the end of January, up 65.52 percent from P750.62 billion a year earlier. PESONet transactions rose 27.11 percent to P1.34 trillion from P1.05 trillion in January 2025.
By volume, InstaPay transactions jumped 350 percent to about 678.32 million in January. PESONet transactions increased 8.62 percent to 10.48 million during the same period. Both systems operate as automated clearing houses under the National Retail Payment System of the BSP.
InstaPay provides real-time, low-value electronic fund transfers for transactions up to P50,000, while PESONet serves as a batch electronic fund transfer alternative to paper-based checks.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the double-digit growth reflects the growing adoption of digital banking and payment channels in a low-cost environment.
“Strong double-digit growth reflects continued increase in online/digital banking transactions, increased adaptation of digital payment systems as alternative to checks amid lower costs and greater convenience, also reflecting increased use of e-wallets,” Ricafort said.
Philippine Institute for Development Studies senior research fellow John Paolo Rivera said the growth highlights a continued shift toward cashless transactions supported by mobile banking, e-wallets, remittance inflows and e-commerce growth.
“InstaPay’s faster growth points to increased use for real-time, small-value payments, while PESONet is driven by business and bulk transactions. Digital payments should continue to grow at a double digit pace, supported by financial inclusion, better payment infrastructure, and changing consumer behavior although growth may gradually normalize as adoption matures,” Rivera said.
