MANILA, Philippines — Transactions via the InstaPay and PESONet platforms of the Bangko Sentral ng Pilipinas (BSP) jumped by almost 40 percent to over P7 trillion as of April as Filipinos continue to take advantage of digital channels.
Based on latest BSP data, the combined value of transactions coursed through InstaPay and PESONet settled at P7.15 trillion as of April, 37 percent higher than the P5.22 trillion in the same period last year.
About 56 percent of the total at P4.01 trillion was from PESONet while InstaPay logged the remaining 44 percent or P3.13 trillion.
In terms of volume, transactions almost doubled to 837.12 million from just 420.39 million in the four-month period last year.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued double-digit growth is attributed to the increasing shift from bank checks and over-the-counter banking transactions to online and digital channels.
This allows Filipinos to save on time and costs as consumers seek convenience across various services.
Ricafort added that this is also a reflection of higher online business transactions by more Filipinos that require digital payment systems, as well as the increased use of e-wallet transactions.
“All of these effectively helped increase financial inclusion, especially in areas where there are no physical bank branches but with data or mobile signal,” Ricafort said.
PESONet and InstaPay are automated clearing houses launched under the central bank’s National Retail Payment System which aims to promote safe, affordable and reliable transactions.
PESONet enables high-value transactions and may be considered as an electronic alternative to the paper-based check system.
InstaPay, on the other hand, is a real-time, low value electronic fund transfer facility for transactions up to P50,000 and is most useful for remittances and e-commerce.