PESONet, InstaPay transactions hit P10.9 T

The amount of electronic fund transfers via PESONet and InstaPay jumped by over 34 percent to P10.9 trillion from January to August compared to last year's P8.13 trillion, data from the Bangko Sentral ng Pilipinas (BSP) showed.

- KEISHA TA-ASAN

During the eight-month period, the volume of PESONet and InstaPay transactions surged by 64.5 percent to 916.58 million from 557.25 million in the same period a year ago.

PESONet and InstaPay are automated clearing houses, launched under the BSP's National Retail Payment System (NRPS), aimed at promoting a safe, efficient, affordable, inclusive and reliable retail payment system.

PESONet enables high-value transactions and may be considered as an electronic alternative to the paper-based check system, while InstaPay is a real-time, low value electronic fund transfer facility for transactions up to P50,000 and is most useful for remittances and ecommerce.