The QR code just beat the credit card. New data from the Bangko Sentral ng Pilipinas shows digital payments now make up nearly 65 percent of retail transactions in the Philippines, and QR Ph scans have formally surpassed debit and credit cards as the way Filipinos pay. It is the kind of milestone that sounds like hype, except the numbers come from the central bank itself.
What the BSP’s own report found
The Bangko Sentral ng Pilipinas reported that digital or electronic transactions reached 64.69 percent of retail transaction volume in 2025, up from 57.45 percent in 2024, officially landing inside the government’s 60 to 70 percent target. QR Ph processed 2.47 billion payments worth 1.16 trillion pesos in 2025, overtaking card usage for the first time, and person to merchant payments made up nearly three quarters of all digital volume.
| Indicator | 2024 | 2025 | What it says |
|---|---|---|---|
| Digital share of retail volume | 57.45% | 64.69% | Target range hit |
| QR Ph payments | Rising | 2.47 billion (P1.16 trillion) | Overtook cards |
| Merchant-to-person share | – | 74.31% | Everyday micro-purchases lead |
| Digital share of transaction value | 58.98% | 53.32% | More, smaller payments |
Why QR Ph is winning
Credit for the shift goes to two policy pushes. BSP Circular 123 pressured banks to keep instant transfer fees low, and the QR Ph interoperability standard lets one merchant code accept money from any participating bank or wallet. The result, as BSP Governor Eli M. Remolona Jr. put it, is a network that grows more valuable as more people join it.
Cards are not dead, just different
- QR Ph and e-wallets now cover about 9 in 10 transactions; buyers pay small amounts every day with them
- Cards still carry the high ticket purchases, corporate expenses and big one time payments
- Payment volume tells the tale: one QR Ph scan for every big card swipe, over and over
The central bank’s next moves point to public transport fare collection, cross border remittances and easier online checkouts, deepening the shift to cashless everyday life even further. For a practical angle on paying, the card or tap guide explains what to tell the cashier, and companies building on this GCash versus Maya rivalry keep making scanning the default move.
