According to the latest data from the Bangko Sentral ng Pilipinas (BSP), electronic fund transfers that went through PESONet and InstaPay have already hit PHP 3.81 trillion in the first four months of 2023. This figure in the same period last year was just PHP 2.92 trillion; that’s a 30.1% increase year-to-year.
PESONet and InstaPay Transfers
The BSP data reveals that PESONet transactions grew to PHP 2.36 million from January to April this year compared to last year’s PHP 1.88 trillion, a 25.5% growth. In April, there was an increase in volume of 5% to PHP 6.95 million from PHP 6.62 million.
Meanwhile, InstaPay transactions in the first four months of 2023 had a 39.4% growth from PHP 1.04 trillion last year to PHP 1.45 trillion. This was a surge in volume by 31.2% from PHP 166.41 million to PHP 218.33 million.
Last year, the combined value between the transactions of the two services jumped by 36% to PHP 19.94 trillion from PHP 7.24 trillion in 2021.
Both services are automated clearing houses launched in late 2015 by the BSP National Retail Payment System (NRPS). They were introduced to promote a safe, efficient, and inclusive retail payment system.
BSP Deputy Governor Mamerto Tangonan said in an interview with ABS-CBN News Channel that the banking sector goes through more than PHP 500 million transactions a year and continues to grow.
He also mentioned that Filipinos are realizing that electronic fund transfers are credited faster compared to the more traditional face-to-face transactions.
The COVID-19 pandemic served as a catalyst for the shift in digital payments. Before the NRPS was launched, electronic payments to total retail transactions were only at 1% in 2013.
Ram found his love and appreciation for writing in 2015 having started in the gaming and esports sphere for GG Network. He would then transition to focus more on the world of tech which has also began his journey into learning more about this world. That said though, he still has the mentality of "as long as it works" for his personal gadgets.
