FINTECH | QR PH overtakes cards as top payment method, PayMongo data shows
The figures reflect changing payment habits as more merchants adopt interoperable QR-based transactions supported by the Bangko Sentral ng Pilipinas’ QR Ph initiative.
QR Ph has overtaken bank cards and e-wallets to become the leading payment method among businesses using PayMongo, underscoring the rapid shift toward QR-based digital payments in the Philippines.
Data released by the fintech company showed QR Ph accounted for 55% of total payment volume processed on its platform during the first half of 2026, up from 16% a year earlier. The payment method posted more than 510% year-over-year growth, surpassing cards and e-wallets combined.
The figures reflect changing payment habits as more merchants adopt interoperable QR-based transactions supported by the Bangko Sentral ng Pilipinas’ QR Ph initiative.
Cards accounted for 19% of payment volume during the period, while e-wallets represented 21%. Direct online banking and buy now, pay later services together made up less than 5% of payment volume.
Although cards lost share, they remained the preferred option for higher-value purchases. PayMongo’s data showed card payments represented only 7% of all completed transactions but nearly one-fifth of payment volume, indicating continued use for corporate spending and other large-ticket purchases.
By comparison, QR Ph and e-wallets together accounted for 76% of payment volume and approximately nine out of every 10 transactions processed on the platform, suggesting mobile-first payment methods have become the default for everyday purchases.
PayMongo said the interoperability of QR Ph—which allows a single QR code to accept payments from participating banks and e-wallets—has simplified payment acceptance for merchants, particularly small businesses that previously relied on multiple payment applications or terminals.
The company also reported broader growth in digital payment activity during the first six months of the year. It processed nearly 10 million completed transactions, an 89% increase from roughly 5.2 million in the same period last year. Its active merchant base expanded 93% year over year across online stores, brick-and-mortar retailers, service providers and enterprise customers.
Among e-commerce merchants, the number of businesses using Shopify through PayMongo increased 18% year over year, while payment volume from those merchants grew 6%. Meanwhile, merchants using PayMongo Pages, the company’s no-code online payment page service, collected nearly P1 billion during the six-month period.
Growth also extended to physical retail. Merchants using PayMongo’s in-store QR Ph solution more than doubled from a year earlier, while completed in-store QR Ph transactions increased by more than three times year over year.
The findings are based on PayMongo’s internal transaction records covering January through June 2026 and compared with the same period in 2025. The analysis covers completed transactions processed by active merchants operating in the Philippines. The company said the trend is consistent with the Bangko Sentral ng Pilipinas’ ongoing push to expand digital payments and interoperable QR-based transactions nationwide.
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