2024 sees robust growth for Instapay, Pesonet

In terms of the volume of transactions, Instapay transactions reached 159.94 million in 2024, a 64.879 percent growth from the  97.003 million transactions recorded in 2023.

The data showed Pesonet transactions reached 9.08 million in 2024, 16.73 percent more than the 7.779 million transactions in 2023.

InstaPay is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. The retail payment system was launched on 23 April 2018.

It is designed to facilitate small value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, Micro, Small and Medium Enterprises (MSMEs).

As of December 2024, there were a total of 90 Instapay participants. This is composed of 79 senders and receivers; nine receivers only; and two senders only.

Of the total, there were 25 EMI-Non-Bank Financial Institutions (EMI-NBFIs) participants; 22 Universal and Commercial Banks (UKBs); 20 thrift banks (TBs); 18 Rural Banks (RBs); and five digital banks (DGBs).

The Philippine EFT System and Operations Network (PESONet), the first ACH under the National Retail Payment System, was launched on 08 November 2017.

It is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system.

As of December 2024, there were a total of 116 Pesonet participants composed of RBs numbering 41 followed by UKBs at 40; TBs, 19; EMI-NBFIs, 11; and DGBs, five.

BancNet is the designated clearing switch operator for InstaPay for a two-year transitory period beginning from the time of its launch.

The Philippine Clearing House Corporation (PCHC) is the designated clearing switch operator for PESONet for a two-year transitory period beginning from the time of PESONetâs launch.

Source: https://businessmirror.com.ph/2025/01/23/2024-sees-robust-growth-for-instapay-pesonet/

By Cai U. Ordinario