[Littlemaster]

Run these commands as root
Cent OS 5

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rpm -Uvh http://mirror.webtatic.com/yum/el5/latest.rpm
yum install yum-plugin-replace -y -y
yum replace php-common --replace-with=php56w-common -y
yum install php56w php56w-opcache -y

Cent OS 6

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rpm -Uvh http://mirror.webtatic.com/yum/el6/latest.rpm
yum install yum-plugin-replace -y -y
yum replace php-common --replace-with=php56w-common -y
yum install php56w php56w-opcache -y

Cent OS 7

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rpm -Uvh https://dl.fedoraproject.org/pub/epel/epel-release-latest-7.noarch.rpm
rpm -Uvh http://mirror.webtatic.com/yum/el7/latest.rpm
yum install yum-plugin-replace -y -y
yum replace php-common --replace-with=php56w-common -y
yum install php56w php56w-opcache -y

Run php -V to check current version.
Latest PHP versions are faster than old versions.

[Rishabh Jain]

i prefer if you include the command for CentOS/RHEL 7  as well, the above command is only for CentOS 6, mention that in the thread too

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rpm -Uvh https://dl.fedoraproject.org/pub/epel/epel-release-latest-7.noarch.rpm
rpm -Uvh https://mirror.webtatic.com/yum/el7/webtatic-release.rpm

yum install php56w php56w-opcache #for Fresh

yum install yum-plugin-replace #for upgrade from existing version
yum replace php-common --replace-with=php56w-common #for upgrade from existing version

[Conan]

or You could have installed the remi repo then enabled the php-56 repo then did a

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yum update

[Littlemaster]

or You could have installed the remi repo then enabled the php-56 repo then did a

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yum update

I had conflict errors with remi.It was weird.
php56-common conflicts with php-common
Always better replacing the package.

[Conan]

or You could have installed the remi repo then enabled the php-56 repo then did a

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yum update

I had conflict errors with remi.It was weird.
php56-common conflicts with php-common
Always better replacing the package.

I use php-fpm since I use nginx.

You can just do a yum replace also.