QR Ph now leads digital payments in the Philippines

QR Ph accounted for 55% of total payment volume processed by PayMongo merchants in the first half of 2026, overtaking cards and e-wallets on the platform, according to data released by the fintech company.

PayMongo said QR Ph payment volume grew by more than 510% year-on-year from January to June 2026, up from just 16% of total payment volume in the same period last year. By comparison, cards accounted for 19% of payment volume this year, while e-wallets made up 21%.

The company said QR Ph and e-wallets combined represented 76% of total payment volume and 9 in 10 transactions on its platform, pointing to continued growth in mobile-first digital payments among Philippine businesses.

PayMongo also reported that it processed nearly 10 million completed transactions in the first half of 2026, up 89% from around 5.2 million transactions recorded in the same period in 2025. Its merchant base also grew 93% year-on-year.

According to the company, card payments still accounted for a significant portion of higher-value transactions despite their lower transaction share. While cards made up 19% of payment volume, they represented only 7% of all transactions, suggesting they continue to be used for larger purchases and corporate expenses.

PayMongo said one factor behind QR Ph’s growth is interoperability, as a single QR code can accept payments from participating banks and e-wallets. The company said this setup helps simplify digital payment acceptance for merchants, especially smaller businesses.

Beyond online transactions, PayMongo also saw growth in in-store QR Ph payments. The company said transactions through its in-store QR Ph product more than tripled year-on-year, while the number of merchants using the service more than doubled.

The report also pointed to continued adoption of digital payment tools among merchants without dedicated technical teams. PayMongo said its Shopify merchant base grew 18% year-on-year, while businesses using its no-code PayMongo Pages tool collected nearly PHP 1 billion in payments during the period.

PayMongo said the figures reflect broader momentum in digital commerce in the Philippines, as more businesses adopt digital payment channels across online and physical retail.

The data cited in the report covers PayMongo’s internal transaction records in the Philippines from January to June 2026, compared with the same period in 2025.