QR Ph has become the dominant payment method among Philippine businesses utilizing fintech platform PayMongo, accounting for 55% of the total payment volume processed during the first half of 2026.
Data published by PayMongo indicated that the national QR standard surpassed the combined shares of credit cards and e-wallets, registering a 510% year-over-year growth from its 16% share in 2025.
Shift in Payment Preferences
According to the transaction records from January to June 2026:
- E-wallets held a 21% share of the platform’s payment volume, while credit cards fell to 19%, marking an 8% absolute volume decline year-over-year.
- Direct online banking transfers also dropped by 26% compared to the same period in 2025.
PayMongo reported that cards remained the primary instrument for high-value purchases, representing only 7% of total transaction counts despite their share of the overall volume.
Merchant Growth and Digital Infrastructure
According to the press release, PayMongo processed nearly 10 million completed transactions in the first half of 2026, an 89% increase from the 5.2 million transactions recorded in the first half of 2025. The company’s active merchant base grew by 93% year-over-year. In-store QR Ph transactions more than tripled within the period, while users of PayMongo Pages, a no-code payment tool, collected nearly 1 billion pesos in transactions. Additionally, merchants operating on Shopify grew by 18% year-over-year.
Broader Crypto and National QR Integrations
The growth of the national QR infrastructure aligns with recent adoptions across Philippine digital asset and Web3 platforms. According to company statements, locally licensed crypto platforms have integrated QR Ph to enable retail payments using digital assets. Coins.ph previously launched stablecoin settlement via QR Ph for Tether (USDT) and USD Coin (USDC) before expanding to support Bitcoin (BTC) and Ethereum (ETH) transactions across approximately 700,000 merchants.
Similarly, international platforms like Bybit Pay and Bitget Wallet have implemented functionalities allowing Filipino users to settle payments via QR Ph using crypto assets. Furthermore, local cryptocurrency exchange PDAX integrated personal InstaPay QR codes under the same National Retail Payment System framework to allow direct fiat money account deposits from local banking and e-wallet applications.
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This article is published on BitPinas: QR Ph Becomes Top Payment Method for Philippine Businesses, PayMongo Reports
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