Over Half of Retail Transactions Now Digital, Says BSP

More than half of the country's retail payments are now being made digitally, marking a new milestone in the Philippines' transition toward a cash-lite economy, according to the Bangko Sentral ng Pilipinas.

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Data from the BSP's 2024 Status of Digital Payments report showed that digital transactions accounted for 57.4 percent of total monthly retail payment volume and 59 percent of value.

These figures mark a steady increase from 52.8 percent and 55.3 percent, respectively, in 2023. It also surpassed the 52 to 54 percent target set under the Philippine Development Plan.

BSP Governor Eli Remolona Jr. said the figures reflect not just progress in payment infrastructure but also growing public trust in digital financial services.

"As we look ahead, we will continue to foster a digital finance ecosystem that is future-ready yet firmly grounded in trust," security and consumer welfare.

This means promoting innovation while maintaining the safeguards that protect users and ensure integrity across the system," Remolona said in the report.