QR Ph has established itself as the top payment method for businesses in the Philippines, according to a report by fintech platform PayMongo. The QR payment system accounted for 55% of the total payment volume processed in the first half of 2026.
Remarkable Growth in QR Payments
The latest data highlights a dramatic 510% increase in QR Ph's market share, which was only 16% in 2025. This growth has allowed QR Ph to surpass the combined shares of both credit cards and e-wallets.
E-wallets accounted for 21%, while credit cards dropped to 19%, indicating a shift in consumer preferences.
PayMongo
- Credit card transactions fell by 8% year-over-year.
- Direct online banking transfers decreased by 26% compared to the previous year.
Despite credit cards being the primary choice for high-value purchases, they represented only 7% of total transaction counts, which shows a trend away from traditional payment methods.
Surge in Merchant Activity
In the first half of 2026, PayMongo processed nearly 10 million transactions, marking an 89% increase from 5.2 million in the same period in 2025. The active merchant base also grew by 93%.
In-store QR transactions tripled, and PayMongo Pages users amassed nearly 1 billion pesos in transactions, highlighting the rapid adoption of this payment technology.
Integration with Crypto and Digital Assets
The rise of QR Ph coincides with advancements in the country's digital asset landscape. Local crypto platforms have begun integrating QR Ph to facilitate retail payments using cryptocurrencies.
For instance, Coins.ph has enabled QR Ph transactions for Tether and USD Coin, expanding to include Bitcoin and Ethereum, allowing payments at around 700,000 merchants.
International platforms, such as Bybit Pay and Bitget Wallet, have also adopted QR Ph for crypto transactions. Additionally, local exchange PDAX has integrated personal InstaPay QR codes for direct fiat deposits.