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InstaPay, PESONet transactions hit P14 T
The Philippine Star
|December 01, 2024
Digital payments gained further traction in the Philippines, with transactions via the Bangko Sentral ng Pilipinas (BSP)'s InstaPay and PESONet platforms surging by 34.6 percent as of end-October amid the sustained adoption of digital services.
Based on central bank data, the combined value of transactions done through InstaPay and PESONet stood at P13.99 trillion as of October, P3.6 trillion higher than the P10.39 trillion in the same period last year.
In terms of volume, transactions coursed through the clearing houses surged by 62.3 percent to 1.19 billion as of end-October from 733 million in the comparable year-ago period.
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.
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