By Luisa Maria Jacinta C. Jocson, Reporter
THE VALUE of transactions done via InstaPay and PESONet has increased by 38.2% as of end-January, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Central bank data showed transactions coursed through the two automated clearing houses had jumped to P1.8 trillion as of end-January from P1.31 trillion a year ago.
The combined volume of transactions done via InstaPay and PESONet likewise surged by 58.4% to 160.2 million from 101.2 million a year ago.
The value of PESONet transactions climbed by 32% year on year to P1.05 trillion in January from P797.4 billion last year.
The volume of transactions that went through the payment gateway also rose by 20.6% to 9.6 million from 8 million.
Meanwhile, the value of transactions done through InstaPay jumped by 47.8% to P750.6 billion from P507.8 billion in the previous year.
The volume of InstaPay transactions stood at 150.6 million, higher by 61.6% from 93.2 million in the year-ago period.
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 consistent strong double-digit growth in transactions in recent months continued to reflect the adoption of online banking and electronic fund transfers including e-wallets by more Filipinos over the years,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
Latest BSP 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.
“Furthermore, more Filipinos find greater value and convenience in using both of these instead of using checks and other over-the-counter transactions,” Mr. Ricafort said.
“Both of these, using online banking apps and e-wallets also promote further financial inclusion especially in unbanked areas,” he added.
The central bank wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028.
