Digital payments coursed through PESONet and InstaPay reached P13.2 trillion in the first five months of 2026, rising 44.4% from P9.13 trillion in the same period last year, according to the Bangko Sentral ng Pilipinas (BSP).
BSP data showed total transaction volume more than doubled to 3.48 billion from 1.21 billion a year earlier.
By platform, PESONet transactions climbed 30.7% in value to P6.62 trillion from P5.06 trillion, while volume rose 12.6% to 52.5 million.
InstaPay recorded stronger growth, with transaction value up 61.5% to P6.56 trillion from P4.06 trillion, and volume surging to 3.43 billion from 1.16 billion.
For May alone, combined PESONet and InstaPay transactions reached P2.79 trillion, up 41% from P1.98 trillion a year earlier, while volume more than doubled to 761.4 million.
In the same month, InstaPay accounted for P1.47 trillion in value across 750.80 million transfers, while PESONet processed P1.32 trillion over 10.61 million transactions.
The BSP has lifted its moratorium on fee increases for both platforms, requiring banks to justify charges under a cost-based pricing framework to promote transparency and fair pricing.