Bonifacio Global City:The Philippine government's efforts to boost digital financial transactions have led to increased confidence among Filipinos in cashless purchasing. Ina Gatan, head of Go-To-Market Philippines at Xendit, a Jakarta-based financial technology firm, highlighted the accessibility of digital payments through QR Ph and reduced transaction fees as key factors encouraging the shift.
According to Philippines News Agency, Gatan praised the Bangko Sentral ng Pilipinas (BSP) for its initiatives to enhance public comfort with digital payments. She noted the recent crackdown on illegal operators, with BSP blocking over 8,000 merchants allegedly processing payments for unlawful gaming activities, as a significant measure that enhances consumer trust.
Xendit released its E-commerce Payments Momentum Report 2026, which revealed that about 41 percent of 1,000 surveyed Filipinos abandoned purchases due to a lack of preferred payment options. This underscores the necessity for a diverse payment mix, especially for foreign companies entering the local market, which often face higher costs for offering alternatives to credit cards.
The report also indicated a 198 percent increase in payments using QR Ph and InstaPay over the past 15 months on Xendit's platform, reflecting BSP's successful measures to promote digital payments. Despite this growth, these options account for just 13 percent of Xendit's e-commerce value, with GCash remaining the leading transaction method.
