THE COMBINED VALUE of transactions done via InstaPay and PESONet jumped by 36% as of end-February, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Transactions coursed through the two automated clearing houses climbed to P3.45 trillion as of end-February from P2.54 trillion in the same period in 2024.
The volume of transactions done via InstaPay and PESONet surged by 61% to 325.45 million in the same period from 202.1 million a year ago.
The value of transactions done through PESONet rose by 29.6% to P1.99 trillion at end-February from P1.53 trillion a year prior.
The volume of transactions likewise increased by 18.2% year on year to 18.7 million from 15.8 million.
Meanwhile, the value of InstaPay transactions stood at P1.46 trillion at end-February, higher by 45.8% from P1 trillion in the previous year.
The total volume of transactions that went through the payment gateway also jumped by 64.7% to 306.8 million from 186.3 million.
PESONet and InstaPay are automated clearing houses that were launched in December 2015 under the central bank’s National Retail Payment System framework.
PESONet caters to 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.
“The continued strong growth in InstaPay and PESONet transactions could reflect the continued strong growth in the country’s online business transactions,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“This may also reflect the increased use of e-wallets by Filipinos that are also interconnected with the banking system, electronically though InstaPay and PESONet.”
Latest central bank data showed digital payments made up 52.8% of the volume of retail transactions in 2023, higher than the 42.1% share in 2022.
In terms of value, 55.3% of retail transactions in 2023 were done online, higher than the 40.1% the year prior.
The BSP said the increase in digital payments was driven by wider use of online transaction channels among people and businesses, with the coronavirus pandemic accelerating the shift.
“More people may have found more value and convenience in using InstaPay and PESONet as alternatives to using checks and other over-the-counter banking transactions,” Mr. Ricafort said.
The faster growth in these online transactions could also reflect “increased financial literacy of Filipinos that also facilitated more investments and capital market transactions locally and also with the rest of the world.”
The central bank wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028. — Luisa Maria Jacinta C. Jocson
