DIGITAL transactions continued to rise in the first half of 2026 with money coursed through the country’s two major electronic fund transfer systems surpassing P16 trillion.
Bangko Sentral ng Pilipinas (BSP) data showed that the combined value of transactions processed through InstaPay and PESONet climbed to P16.09 trillion, up 44.6 percent from P11.13 trillion in the same period last year
Transaction volume, meanwhile, surged by 166.4 percent year to 4.20 billion from 1.58 billion.
InstaPay processed P7.98 trillion worth of transactions during the first half, a 60.3-percent increase from P4.98 trillion. Volume more than doubled to 4.14 billion from 1.52 billion, or a 172.2-percent year-on-year increase.
Meanwhile, PESONet handled P8.11 trillion worth of transactions from January to June, up 31.9 percent from P6.15 trillion, while volume increased 13.8 percent to 64.06 million from 56.28 million.
In June alone, the combined value of transactions processed through InstaPay and PESONet reached P2.91 trillion, and the two payment systems facilitated a total of 720.33 million transactions during the month.
InstaPay accounted for 708.81 million transactions worth P1.42 trillion in June. While transaction value declined 3.2 percent from May’s P1.47 trillion, it remained 54.8 percent higher than the P916.62 billion processed in June 2025.
Transaction volume slipped 5.6 percent month on month from 750.80 million but was still 96.2 percent higher than the year-earlier 361.20 million.
PESONet, meanwhile, recorded a strong month, processing P1.49 trillion in transactions in June, up 12.3 percent from P1.33 trillion in May and 37.5 percent higher than P1.08 trillion in June 2025.
Transaction volume rose to 11.52 million, increasing 8.6 percent from 10.61 million in May and 19.7 percent from 9.62 million a year earlier.
Transaction value and volume could further increase after banks waived or reduced transfer fees following a new BSP pricing framework aimed at making digital payments more affordable.
Almost all local banks have already waived their transaction fees, including Bank of the Philippine Islands, Banco de Oro, Land Bank of the Philippines, Metrobank, Rizal Commercial Banking Corp., ChinaBank, Union Bank of the Philippines, Security Bank, Philippine National Bank, PSBank, EastWest and Bank of Commerce.
Maya and GCash, meanwhile, cut their fees to P10 from P15.
The BSP has encouraged financial institutions to ensure that fees for interbank transfers are close to, or not materially higher than, charges for transfers within the same bank or e-wallet.
BSP Deputy Governor Mamerto Tangonan has said that lower transaction costs are expected to encourage more Filipinos to shift to digital payments, noting that expensive transfer fees consistently rank among the top reasons consumers avoid using digital financial services.
