InstaPay, PESONet transfers reach P24.7 trillion in 2025

By Katherine K. Chan, Reporter

DIGITAL PAYMENTS in the Philippines continued to grow in 2025 as transfers made through InstaPay and PESONet amounted to P24.745 trillion last year.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that the combined value of transactions done via the payment gateways stood at P24.745 trillion at end-2025, surging by 42.02% from P17.423 trillion at end-2024.

Meanwhile, the volume of payments more than tripled to 4.773 billion last year from 1.508 billion in 2024.

As of December 2025, the value of transactions done on InstaPay soared by 57.27% to P11.554 trillion by the end of last year from P7.347 trillion at end-2024.

Meanwhile, the volume of transactions coursed through the payment gateway jumped by 231% year on year to 4.656 billion at end-December from 1.407 billion previously.

Local households and businesses’ increasing use of digital payments led to the strong growth of InstaPay and PESONet transactions in 2025, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said.

“Wider adoption of mobile banking and e‑wallets, improved interoperability across banks and fintech (financial technology) platforms, and the growing use of digital payments for salaries, bill payments, and business-to-business transactions all contributed to the rise in transaction values in 2025,” he added in a Viber message.

Mr. Asuncion noted that consumers and businesses have been using such automated clearing houses for large value transactions.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the convenience and security of digital payments likely boosted traffic in both payment gateways.

“The strong, double-digit growth rates reflect the continued adoption of these digital payment solutions by Filipinos, who are shifting from over-the-counter payment transactions to digital banking due to greater convenience, lower costs, faster, safer and more reliable transactions,” he said via Viber.

BSP data also showed that P13.191 trillion worth of transactions went through PESONet last year, jumping by 30.91% from the P10.077 trillion recorded in 2024.

In terms of volume, PESONet processed 117.246 million transactions in 2025, up by 16.25% from 100.853 million in the previous year.

InstaPay and PESONet are automated clearing houses under the central bank’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions of up to P50,000 and is mostly used for remittances and e-commerce.

Meanwhile, PESONet is mainly used for high-value transactions and may be considered an electronic alternative to paper-based checks.

Analysts said further digitalization push in the financial system would help prop up transactions in both InstaPay and PESONet this year.

“We expect InstaPay and PESONet transactions to continue expanding this year, supported by sustained digitalization efforts, further onboarding of users into the formal financial system, and the growing role of digital payments in commerce and government transactions,” Mr. Asuncion said.

“Continued investments in payment infrastructure, enhanced consumer trust in electronic channels, and policy initiatives promoting cash‑lite transactions should help underpin growth moving forward,” he added.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, also said that InstaPay and PESONet may see more transactions this year amid growing partnerships between digital wallets and banks as well as government and merchant payment systems.

“These transactions are likely to continue rising in 2026,” Mr. Rivera said in a Viber message. “Key drivers include financial inclusion efforts, expanding digital wallets and bank partnerships, deeper integration with government and merchant payment systems, and rising comfort with cashless everyday transactions.”
“Ongoing fintech innovation, improved trust and security, and broader education on digital tools will also support sustained growth for InstaPay and PESONet,” he added.

The BSP wants digital payments to account for 60%-70% of the total volume of retail payments by 2028, in line with the Philippine Development Plan.

In 2024, the share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms, the BSP’s 2024 Status of Digital Payments in the Philippines report showed.