Swiping values drop
Mbongeni Mguni | Wednesday May 20, 2026 12:58
While the central bank did not give reasons for the decline, analysts expect that the downtrend is linked to the tighter liquidity experienced in the financial sector, amidst the broader contraction in the economy. The lower figures could also be reflective of lower consumer spending and confidence, trends which are presently not scientifically monitored by data authorities in the country.
According to the BoB, quarterly average Electronic Fund Transfer at Point of Sale (EFTPOS or swiping) values declined to P21.4 billion last year, from an average of P30.2 billion in 2024. The number of transactions recorded in 2025 also declined compared to 2024, averaging 34 million from 63 million.
The number of EFTPOS machines increased to 30,515 as at December 2025, compared to 16,563 at the same point in 2024. Similar trends were seen in Automated Teller Machine transactions, where total values recorded across the different banks in 2025 amounted to P99.5 billion, compared to P282 billion in 2024.
The quarterly number of ATM transactions averaged 19 million in 2025, compared to 64 million in 2024, underlining the steep drop between the two years. Analysts added that the drop in swiping and ATM transactions could also be attributed to the cancellation of cheque usage at the beginning of 2024.
This, they said, could have led to an initial surge in swiping and ATM use in 2024 and a plateauing in 2025 as users found other methods of payments and settlements.