the Philippines

The Philippines remains a cash-heavy market in store: Worldpay estimates cash was 42% of in-store transaction value in 2025, while digital wallets reached 29% and account-to-account payments 7%. Wallet payments at the counter are typically made by scanning a QR code; since July 2023 the central bank has required regulated payment providers to use the interoperable QR Ph standard instead of proprietary codes, so one code accepts payments from banks and e-wallets. Credit and debit cards on Visa and Mastercard are widely accepted in malls, supermarkets and chain stores.

Worldpay estimated Philippine e-commerce at about US$26 billion in 2024, forecasting 15% annual growth to about US$59 billion in 2030. Marketplaces such as Shopee, Lazada and TikTok Shop dominate. Cash on delivery is the norm for many shoppers: in the World Bank’s 2024 Findex survey, 79% of Filipinos who bought something online had paid cash on delivery. Under the Internet Transactions Act of 2023, online merchants must display prices and deliver goods as described, and marketplaces can be held subsidiarily liable, for example if a seller has no legal presence in the country and the platform cannot supply its contact details. Since Republic Act 12023 (2024), non-resident digital service providers must charge Philippine VAT on digital services consumed locally.

Payments are regulated by the Bangko Sentral ng Pilipinas (BSP). The National Payment Systems Act (Republic Act 11127, 2018) requires all operators of payment systems to register with the BSP, and designated systems need BSP authority, with prior approval for anyone acquiring over 10% of their voting stock. E-wallet operators are supervised as e-money issuers. BSP Circular 1055 made QR Ph the national QR standard, fully mandatory for BSP-supervised payment providers from July 2023. The Internet Transactions Act (RA 11967) created an E-Commerce Bureau under the Department of Trade and Industry to register and oversee online merchants and platforms, and RA 12023 extends VAT to digital services, including those supplied by non-resident providers and marketplaces.

According to the World Bank’s Global Findex 2025, 50% of Filipino adults had an account in 2024, broadly unchanged from 51% in 2021. Only 34% had an account at a bank or similar institution, while 29% had a mobile money account, up from 22%. Card ownership is low, at 20% of adults for debit cards and 3% for credit cards, and 32% made a digital payment in the past year. Cash remains central: in Worldpay’s survey, 29% of respondents cited cash as a way they fund their e-wallets.