InstaPay, PESONet transactions increase by 40% in first 6 months

THE VALUE of transactions conducted via InstaPay and PESONet jumped by 39.5% year on year in the first half of the year, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

- By Luisa Maria Jacinta C. JOCSON Senior Reporter

Transactions coursed through the automated clearing houses surged to P11.1 trillion in the January-June period from P7.98 trillion a year prior.

PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.

Meanwhile, InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

Central bank data showed the volume of transactions made via InstaPay and PESONet more than doubled (138.7%) to 1.58 billion at end-June from 660.7 million in the same period a year ago.

The value of transactions done through PESONet climbed by 31.1% to P6.15 trillion in the six-month period from P4.69 trillion the year earlier.

The volume of transactions that went through the payment gateway likewise increased by 16.8% year on year to 56.28 million from 48.18 million.