Transactions done via InstaPay, PESONet grow to P15.4 trillion

THE COMBINED VALUE of transactions made via InstaPay and PESONet increased by nearly 47% year on year to over P15 trillion in the first eight months, data from the Bangko Sentral ng Pilipinas (BSP) showed, reflecting continued growth in online payments in the country.

- By Katherine K. Chan

Transactions coursed through the two automated clearing houses soared to P15.348 trillion in the eight months ended August from P10.441 trillion in the comparable year-ago period.

In terms of volume, InstaPay and PESONet transactions more than doubled (161.6%) to 2.398 billion in the period from 916.582 million a year ago.

Broken down, the total value of InstaPay transactions rose by 9.5% year on year to P6.988 trillion in the period from P6.379 trillion.

The volume of transactions made via the payment gateway ballooned by 172.9% to 2.322 billion from 851.025 million last year.

Meanwhile, the value of transactions done through PESONet doubled (105.8%) year on year to P8.36 trillion at end-August from P4.062 trillion.

The volume of transactions that went through the channel reached 75.833 million, a 15.7% increase from the 65.556 million seen a year earlier.