Cashless now rules PH retail—BSP

Filipino consumers have become more trusting of digital payment methods, as data from the Bangko Sentral ng Pilipinas (BSP) showed that the value of people’s transactions climbed to more than half of total monthly retail transactions in 2024.

- By DERCO ROSAL

According to the central bank’s 2024 report on the status of digital payments in the Philippines, monthly retail transactions are increasingly being conducted digitally, accounting for 57.4 percent by volume and 59 percent by value, up from 52.8 percent and 55.3 percent, respectively, in 2023.

“This steady year-on-year growth reinforces the momentum built after surpassing the 2023 digitalization target of 50 percent for volume,” the BSP said in a statement on Monday, July 7.

It further noted that this expansion “reflects the long-term impact of market developments, policy initiatives, and the growing trust and familiarity of Filipinos with digital payment options.”