Volume share of digital payments Philippines 2013-2023

Efforts to digitalize payment transactions in the Philippines increased the volume of digital payments recently, especially in retail shopping. In 2023, digital payments accounted for 52.8 percent of the total volume of monthly retail payments, a significant increase from just one percent in 2013. 

Leading digital payment methods

The introduction of digital payment options for retail shopping in the Philippines created a diverse landscape of payment methods. Although cash payments continue to take the bulk of payment transactions in the country, a recent survey indicates that a growing number of Filipino shoppers are slowly adopting mobile wallets and online card payments. As reflected in a recent survey, the attitudes toward cashless payments among Filipinos have gradually changed, with most respondents stating that they view cashless as a safer way to pay.

Digital all the way

Digital payments took a massive boost during COVID-19 as consumers were confined to their homes, and concerns about the sanitary handling of cash were at an all-time high. Between 2020 and 2021, the transaction value of digital payments in the Philippines grew by over 28 percent. It was estimated to continue increasing in the next six years. The Philippine central bank aims to convert about half of the total retail payment transactions in the country to digital by 2023.