Philippines Payment Landscape

Payment Landscape

Philippines Payment Landscape

The Philippines has a diverse payments infrastructure centered on the National Retail Payment System (NRPS), promoted by the Bangko Sentral ng Pilipinas (BSP). From real-time interbank transfers and e-wallets to the unified QRPH standard, retail over-the-counter counters, and digital banks, it forms a multi-layered payment ecosystem. Understanding these foundations helps explain PayCools' payment products and capabilities in the Philippines.

1

Regulation and National Payment Architecture

Entity	Responsibility
BSP (Central Bank of the Philippines)	Payments regulation and promotion of the Digital Payments Transformation Roadmap
NRPS (National Retail Payment System)	BSP framework that coordinates interoperability among payment systems
BancNet	Interbank clearing network that operates the InstaPay and PESONet switches
PhilPaSS / RTGS	The central bank's real-time gross settlement system for large interbank clearing

2

Interbank Transfer Networks

The Philippines has two main BSP-regulated electronic interbank fund transfer networks:

InstaPay

A real-time small-value payment system supporting instant transfers between individuals and businesses.

• Arrival time: Real time (seconds)
• Amount limit: 50,000 PHP per transaction
• Operating hours: 24/7
• Use cases: Everyday instant transfers, merchant collection, small payments
• Participants: Major Philippine banks and e-wallets

PESONet

A batch electronic fund transfer system suitable for large-value and batch transfers.

• Arrival time: Same day (submitted before 3:00 p.m. on a business day) / next business day (after 3:00 p.m.)
• Amount limit: No single-transaction limit (suitable for large amounts)
• Operating hours: Business days
• Use cases: Large transfers, corporate settlement, supplier payments, payroll
• Participants: Major Philippine banks

InstaPay vs PESONet

Dimension	InstaPay	PESONet
Arrival speed	Real time (seconds)	Same day / next day
Amount limit	≤ 50,000 PHP per transaction	No limit
Operating hours	24/7	Business days
Cost	Lower (suitable for small amounts)	Higher (suitable for large amounts)
Typical use	Instant payments, everyday transfers	Large transfers, batch settlement
Initiation	Mobile banking, wallet apps	Online banking, batch files

💡Recommendation: Choose InstaPay for amounts up to 50,000 PHP that require real-time arrival; choose PESONet for amounts above 50,000 PHP or when speed is not critical. In PayCools payouts, transactions above 50,000 PHP require large-value payouts to be enabled and submitted separately.

3

E-Wallets

The Philippines has one of the highest e-wallet penetration rates in Southeast Asia, with GCash and Maya dominating the market.

GCash

The largest e-wallet in the Philippines, with more than 80 million users and a leading market share, operated by Mynt under Globe.

• Supports QR payments, transfers, top-ups, investments, and credit
• Holds a digital banking license (savings and credit services)
• Supports GCash QR and QRPH codes

Maya (formerly PayMaya)

The second-largest e-wallet in the Philippines, operated by Voyager Innovations (part of PLDT).

• Supports QR and online payments
• Provides a virtual Visa/Mastercard and operates Maya Bank, a digital bank
• Supports Maya QR and QRPH codes

ShopeePay / GrabPay

Wallets built into e-commerce and mobility platforms, mainly serving payments within their own ecosystems and also supporting QRPH.

4

QRPH Unified QR Standard

QRPH (QR Ph) is the unified QR payment standard promoted by the BSP and based on the EMV QR specification. All participating wallets and banks can use the same QR code for cross-institution transfers.

• Standardization: GCash, Maya, bank apps, and others can all scan the same QRPH code
• Interoperability: One code works regardless of which wallet the user has
• QRPH Cross-Border: Cross-border QR interoperability with Singapore PayNow, Malaysia DuitNow, and Thailand PromptPay is being rolled out
• PayCools support: PayCools dynamic and static QR collection both support the QRPH standard

5

Other Payment Methods

Method	Description
Over-the-Counter (OTC)	Cash payment at convenience store counters. The user places an order online to generate a barcode, then pays cash at a convenience store (such as 7-Eleven CliQQ, ECPay, Cebuana, Palawan, or M Lhuillier). An important cash-in method for people without bank accounts
RTGS / PhilPaSS	The BSP's real-time gross settlement system for large interbank clearing
Card payments	Online payments through Visa, Mastercard, JCB, and other international card networks, including 3D Secure verification
Direct Debit / e-Wallet links	Bind a bank account or wallet to the merchant for authorized debits

6

Digital Banks and Microsavings

Since 2021, the BSP has issued digital banking licenses to promote financial inclusion and low-threshold savings:

• Maya Bank, GoTyme, UnionDigital, Tonik and other licensed digital banks provide fully online account opening, savings, and credit services
• Microsavings: Small savings accounts can be opened through wallets, lowering the barrier to financial services for people without bank accounts
• The rise of digital banks has further expanded the reach of e-wallets and account systems

7

PayCools Capabilities in the Philippines

Capability	Description
Acquiring	Supports QRPH dynamic / static QR collection, checkout and direct API modes, and WebPay
Payout	Supports payouts to bank accounts and wallets such as GCash/Maya; amounts up to 50,000 PHP use InstaPay; amounts above 50,000 PHP require large-value payouts to be enabled
Split payment / refund / void	Supports split payments and original-route refunds; void is not currently supported, so use refunds instead
API domain	docs.paycools.com.ph