QR Ph, the Philippines' national QR code standard, has overtaken both cards and e-wallets in transaction volume on PayMongo's platform, accounting for 55% of total payment volume in the first half of 2026. That is a sharp jump from just a 16% share in 2025, and it signals how quickly Filipino merchants and shoppers are shifting to interoperable QR payments. The figures come from data released by financial technology company PayMongo Group, whose platform spans online stores, physical retailers, and enterprises across the country.
Key Takeaways
- QR Ph accounted for 55% of PayMongo's total payment volume in the first half of 2026, up from 16% a year earlier.
- QR Ph volume grew more than 510% year on year, overtaking e-wallets (21%), cards (19%), and online banking (4%).
- Completed transactions on the platform grew 89% year on year to nearly 10 million, from 5.2 million, while the merchant base expanded 93%.
- Together, QR Ph and e-wallets made up 76% of payment volume and nine out of every 10 transactions.
- Cards fell 8% in absolute volume and online banking dropped 26% year on year, though cards remain the go-to for high-value purchases.
QR Ph now leads the payment mix
On PayMongo's platform, QR Ph commands more than half of payment volume, with the company reporting over 510% year-on-year growth for the method. It now sits well ahead of e-wallets at 21%, cards at 19%, and direct online banking at 4%. The scale of the shift is underlined by overall activity: completed transactions grew 89% year on year to nearly 10 million in the first semester, up from 5.2 million, while the number of merchants using the platform expanded 93%.
QR Ph is designed as an interoperable common QR code that any participating bank or e-money issuer can scan and interpret, letting a small merchant consolidate multiple banks and wallets into a single payment terminal. PayMongo credited that interoperability with accelerating adoption by making it easier for small businesses to accept and consolidate digital payments.
Cards and online banking are shrinking
The rise of QR Ph is coming at the expense of older rails. According to PayMongo, cards declined not just in share but in absolute volume, down 8% year over year, while direct online banking fell 26%. Cards accounted for just 7% of all transactions despite making up 19% of total payment volume — a sign that they remain the instrument of choice for high-ticket purchases, corporate expenses, and one-time large payments, where the average card transaction is significantly higher in value than a QR or wallet payment.
Merchants are going mobile-first
Taken together, QR Ph and e-wallets represented 76% of payment volume and nine out of every 10 transactions in the period, a mix PayMongo describes as increasingly mobile-first. The company said the number of merchants processing payments through its in-store QR Ph product more than doubled from a year ago, with transaction volume more than tripling. Everyday spending — from sari-sari store top-ups to food delivery purchases and utility bill payments — has largely moved to mobile-native payment methods.
From funded startups to neighborhood stores
PayMongo said its largest merchants by volume are those that have built the platform directly into their websites and apps through APIs. But the growth is broadening beyond that base. Shopify merchants on the platform grew 18% year on year with payment volume up 6%, while PayMongo Pages — a no-code payment page product — saw merchants collect almost ₱1 billion in payments without a single line of code. For small businesses that cannot afford web development, the company said, that has effectively removed the barrier between accepting cash only and accepting digital payments.
Aligned with the BSP's digital push
The numbers track closely with the Bangko Sentral ng Pilipinas' drive to accelerate digital payments under its financial digitalization roadmap. As banks and wallets rework their transfer fees and adoption incentives, interoperable rails like QR Ph stand to benefit from a payment landscape that is steadily moving away from cash and cards toward instant, mobile-based transactions.
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