Blog and Updates
From Cash to Code: How the Philippines Is Catching Up on Digital Payments
See how fintech players are working in tandem with Philippine regulators, banks, and government agencies to turn cash into code — building online payment systems that are accessible, fast, and compliant.
By: Kristel Serran
GCash
Digital Currency
Online Payments
Payment Gateway
e-Commerce Challenges
In a country long reliant on over-the-counter transactions, the Philippines is finally catching its stride in the digital payments revolution.
Bangko Sentral ng Pilipinas (BSP) is at the helm, having reached its goal of digitizing 50% of retail payments as of 2023.
But this transformation hasn’t been easy. Between technological barriers, financial illiteracy, and infrastructural gaps across islands, the road to financial digitalization has been anything but linear.
Despite these hurdles, fintech players are working in tandem with regulators, banks, and government agencies to turn cash into code — building systems that are accessible, fast, and compliant.
The pandemic acted as a catalyst for digital adoption across Southeast Asia. In the Philippines, where mobile penetration is high and internet use is one of the highest globally, the question isn’t why digital payments should happen — but how fast they can scale.
According to BSP data, digital payments in the Philippines grew from 42% in 2022 to 52.8% by the end of 2023.
Platforms like GCash, Maya, and white-label providers play a critical role in expanding access.
eWallets are the most popular modes of payment in the country, as they allow even the unbanked to participate in the digital economy.
They also unlock real economic participation for small businesses, freelancers, gig workers, and OFWs, such as:
The BSP’s Digital Payments Transformation Roadmap is anchored on two pillars:
To achieve these, the BSP has actively worked with both public and private players to improve the digital payments ecosystem, including:
This means even sari-sari stores and tricycle drivers are being brought into the digital fold, helping accelerate the shift from informal cash economies.
For these systems to work, businesses need more than just a QR code or mobile app. They need integrated solutions that can scale, comply with local and international standards, and offer flexibility for different industries.
That’s where AltPayNet comes in.
As a white-label payment technology provider, AltPayNet creates tailored platforms that allow banks, enterprises, and even government institutions to:
AltPayNet’s work with the Philippine Social Security System (SSS) and government billers via platforms like Billeroo is proof that even traditional institutions can go fully digital without compromising trust or security.
Digitalization doesn’t happen in silos. It requires a concerted effort between banks, tech providers, and regulators.
AltPayNet has actively partnered with remittance companies, cooperatives, and fintech players to expand digital disbursement tools like DIZtance, which allows mass payouts and disbursements to remote areas.
Solutions like e-Snapped (AltPayNet’s e-invoicing tool) are helping small businesses go digital even without websites — enabling them to send e-invoices and collect digital payments fast.
Despite all the progress, there are still roadblocks to overcome:
The BSP’s upcoming mandates on e-invoicing and e-receipting will further test the readiness of MSMEs and payment facilitators.
There is still much work to do, even according to BSP Governor Eli M. Remolona: “When Overseas Filipinos conveniently send remittances at faster and cheaper rates; when businesses, particularly micro, small and medium enterprises, accept e-payments and transact with suppliers and billers digitally; and when every Juan and Maria’s preferred mode of payment is digital – these represent the fulfillment of BSP’s vision of a safe, efficient, reliable and inclusive payment system."
If you’re a business owner, bank, or fintech looking to serve the Filipino market, the digital future isn’t coming — it’s already here. Now is the time to:
AltPayNet’s platforms are designed to do all that and more — helping you localize, optimize, and grow your payment ecosystems.
The Philippines may have been late to the digital payments race, but it’s catching up fast — and with the right technology partners, it can even take the lead in Southeast Asia.
AltPayNet is proud to be part of that journey, helping transform every peso from paper to pixels — and making every payment count.
Talk to us today: info@altpaynet.com
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