InstaPayThe Philippine instant rail, created under the National Retail Payment System. A structural point: the BSP (the central bank) sets the framework, but governance sits with an industry association (PPMI) and operations with private switches, a rare three-tier setup.Philippine Payments Management Inc. (PPMI); clearing switch operated by BancNet · since 2018InstaPay and PESONet combined: 4.8 billion transactions worth PHP 24.74 trillion in 2025, up 42% in value (Bangko Sentral ng Pilipinas); InstaPay alone grew 67.8% in volume in H1 2025
Global registry · Asia-Pacific · Southeast Asia
Philippines Payment systems
11 systems listed.
CurrencyPhilippine peso (PHP)
RegulatorBangko Sentral ng Pilipinas (BSP)
Leading payment methods
GCashMayaCash on deliveryCardsInstaPay (A2A)
E-commerce shares
Wallets · 40%Cards · 25%Account-to-account · 15%Cash · 15%Other · 5%
GCash. Globe Telecom’s wallet, with more than 90 million registered users: transfers, QR payments (QR Ph standard), credit, savings, and insurance. Along with Maya, it has put financial inclusion ahead of card adoption.
GCash users>90M registered
Digital payments≈53% of retail payment volume (2023, BSP)
Overseas worker remittances7.3% of GDP (2025, BSP)
An economy powered by remittances from overseas workers (7.3% of GDP in 2025): the wallet is first a way to receive money, and only then a payment method.
Learn about this market. The guides and courses that cover it.
Payments in the PhilippinesPayments in Oceania and CanadaPayments in Central AsiaPayments in South Asia outside IndiaPayments in Southeast AsiaPayments in Japan and KoreaAccepting payments in Australia and New ZealandAccepting payments in Indonesia and ThailandAccepting payments in Japan and South KoreaAccepting payments in Southeast AsiaPayments in Asia: super-apps, public rails, and cross-border QROpening a new market: the payments playbook
Instant payments
Clearing and settlement
PESONetBatch credit ACH with same-day settlement, designed as an electronic replacement for checks for businesses and government. The large-value complement to InstaPay.Philippine Payments Management Inc.; clearing by the Philippine Clearing House Corporation (PCHC) · since 2017
Wallets
GCashThe dominant wallet in the Philippines and the de facto receiving channel for diaspora remittances, especially from the Gulf. A compliance point to know before routing funds to it: it is not a bank, and balances are not covered by Philippine deposit insurance.G-Xchange, Inc. (part of the Globe Fintech Innovations group (Mynt), a joint venture between Globe Telecom, Ayala Corporation, and Ant Group; an e-money issuer supervised by Bangko Sentral ng Pilipinas, with no banking license) · since 200481 million active users and 2.5 million merchants and sellers (GCash, January 2025)
Maya (formerly PayMaya)One of the few players in the region to combine a wallet, an end-to-end payments business, and a licensed digital bank in one app: savings accounts, credit, cards, and crypto. The wallet becomes a channel for gathering deposits. The app has completed the rebrand from PayMaya to Maya.Maya Philippines, Inc. / Maya Bank, Inc. (Both entities are regulated by Bangko Sentral ng Pilipinas; Maya Philippines handles payments and Maya Bank the digital bank.)
Interoperable QR
QR PhEMVCo national QR standard running on InstaPay, made mandatory to replace proprietary QR codes. The Paleng-QR Ph program pushed it into public markets and local transport.Bangko Sentral ng Pilipinas with PPMI · since 2019473,000 merchant locations and 17 participating institutions in P2M in mid-2022 (BSP); digital payments’ share of retail payments reached 57% in mid-2025
Buy now, pay later
AkulakuInstallment payments and consumer credit built on its own marketplace and extended into digital banking. A pure-play lender, unlike BNPL offerings tied to a third-party marketplace.PT Akulaku Silvrr Indonesia (Indonesian entity of the Akulaku group, which also operates in the Philippines, Vietnam, and Malaysia.)33 million customers and more than 90,000 listed sellers (Akulaku, official website, 2026)
Acquiring and processing
BancNetThe Philippines’ domestic ATM and POS switch, which went on to operate the InstaPay clearing switch. An example of a legacy bank switch repurposed as an instant payment rail operator.BancNet Inc. (banking consortium) · since 1990
Cross-border rails
LuLu ExchangeA Gulf exchange house structured as a multi-country group and present at both ends of the Gulf–South Asia corridor: sending in the Middle East, payout in India and Southeast Asia. A model halfway between a traditional exchange bureau and a digital remittance operator.LuLu Financial Holdings (Abu Dhabi-based group operating in the Gulf, the Indian subcontinent, and Asia-Pacific under the LuLu Exchange, LuLu Forex, LuLu Money, and LuLu Financial Services brands)Networks reported by the group: 34 branches in Oman, 27 in India (LuLu Forex), 6 in the Philippines, and 5 in Hong Kong (LuLu Financial Holdings, official website, accessed August 2026)
Central bank digital currency
Project AgilaDiscontinuedProof of concept for a wholesale CBDC on a programmable ledger, tested on 24/7 interbank transfers. It ended without going into production; the BSP has announced a roadmap for later. Cite it as a completed pilot, not an active system.Bangko Sentral ng Pilipinas · since 2022
Stablecoins
PHPCPilotToken pegged 1:1 to the Philippine peso, issued on Polygon and Ronin, and 100% backed by cash, time deposits, and short-term money market instruments. It was tested in the BSP's regulatory sandbox. When the sandbox closes, the issuer commits to redeeming any PHPC still in circulation, a clause to read before any production use.Betur Inc. / DCPay Philippines Inc. (Entities operating under the Coins.ph brand, regulated by Bangko Sentral ng Pilipinas as a virtual asset service provider and an e-money issuer.)
Other
PhilPaSS / PhilPaSS+The Philippine RTGS, rebuilt on ISO 20022 and a commercial platform. It settles the net positions of InstaPay and PESONet.Bangko Sentral ng Pilipinas · since 2002