- InstaPay transaction volume grew from around 99.4 million in March 2024 to 693 million in March 2026 — a near-sevenfold jump in just over two years, according to BSP data cited in the Philippines Fintech Report 2026.
- Transaction value rose alongside it, from ₱540.14 billion to ₱1.35 trillion over the same period, reflecting Filipinos' rapid shift toward real-time digital transfers over traditional banking channels.
- This explosive growth in usage helps explain the wave of bank fee waivers seen across the industry this July, as BPI, LANDBANK, UnionBank, BDO, and others moved to offer free InstaPay and PESONet transfers.
InstaPay transaction volume grew from around 99.4 million in March 2024 to 693 million in March 2026 — a near-sevenfold jump in just over two years, according to BSP data cited in the Philippines Fintech Report 2026.
Transaction value rose alongside it, from ₱540.14 billion to ₱1.35 trillion over the same period, reflecting Filipinos' rapid shift toward real-time digital transfers over traditional banking channels.
This explosive growth in usage helps explain the wave of bank fee waivers seen across the industry this July, as BPI, LANDBANK, UnionBank, BDO, and others moved to offer free InstaPay and PESONet transfers.
It also lines up with BSP Circular No. 1238, signed June 17, 2026, which now requires financial institutions to base interbank transaction charges on actual processing costs — a regulatory push toward making digital transfers cheaper as adoption continues to surge.
The fee waivers Buddies have been enjoying all July aren't a coincidence — they're a direct response to this surge and to tighter BSP rules.
Expect more banks to follow as digital transfers keep becoming the default way Filipinos move money.