Instapay and PESONet Transactions Reach ₱5.37 Trillion

Instapay and PESONet’s combined value transactions rose to 43% year-on-year equal to ₱5.37 trillion in the first seven months of 2022 according to the Bangko Sentral ng Pilipinas (BSP).

This is equivalent to ₱348 million transactions or a 24% increase year-on-year.

BancNet handles Instapay while PESONet is handled by the Philippine Clearing House Corporation.

With BSP’s data, PESONet’s volumes increased by ₱48 million or 22% while their transactions increased by 47% or ₱3.46 million.

“The increase in PESONet transactions was mainly driven by state-run pension fund disbursements facilitated by the Development Bank of the Philippines, which began in September 2020,” said the BSP. The disbursements equaled ₱6.8 billion or 1.5 million transactions.

InstaPay’s transactions increased by 37% year-on-year by the end of July amounting to ₱1.91 trillion. InstaPay’s volume increased by 25% year-on-year equivalent to 300 million transactions.

The BSP says that the increased use of e-money transactions and internet banking for bills payment, e-commerce, domestic remittances, and other low-value payments added to the increased use of InstaPay transactions in the year.

InstaPay and PESONet are included in BSP’s National Retail Payment System (NRPS).

BSP planned for PESONet to advocate for a “safe, efficient, affordable, inclusive and reliable retail payment system”  as it allows high-value transactions and can be counted as a digital option to the paper-based system that includes checks.

InstaPay is mainly used for e-commerce and remittances for its real-time, low-value electronic fund transfer facility for amounts ranging up to ₱50,000.

Back in July, the BSP identified PESONet and InstaPay as one of the more prominently important payment systems or PIPS covered under the National Payment Systems Act (NPSA).

Source: Manila Bulletin