Transaction volume crossed the billion mark: BancNet processed over 1.05 billion switched transactions in 2020, a 26.64% increase from the previous year. For a network navigating the pressures of a global pandemic, this growth speaks of the trust Filipinos placed in digital payments during an incredibly difficult period.
The network never went down: Throughout the year, BancNet maintained a 99.98% average switch availability rate. Keeping that level of uptime during a period of unprecedented demand and operational disruption was no small feat, and it underscores the reliability that has defined the network for 30 years.
More Filipinos paid with cards: Debit transactions at point-of-sale (POS) terminals reached 87.3 million, growing by 16% as more users moved away from cash for everyday purchases. This steady rise in cashless adoption added another dimension to BancNet's role in the country's broader payments ecosystem.
A growing network, serving more Filipinos: By year's end, BancNet was serving over 77 million active cards across an expanding network of member institutions and participants, a testament to how deeply embedded the network has become in everyday Filipino financial life.
Download the complete 2020 BancNet annual report below.
Sign up to receive updates, promotions, and sneak peaks of upcoming products. Plus 20% off your next order.