According to the Bangko Sentral ng Pilipinas (BSP), digital transactions continued its growth in 2023 with the volume of the transactions conducted via PESONet and InstaPay increasing by 46.8% in 2023.
The two are the first automated clearing houses in the country under the National Retail Payment System, with the goal of modernizing the payment systems nationally.
PESONet and InstaPay Transactions in 2023
The value of transactions conducted via the clearing houses reached PHP 12.9 trillion last year, about a 30% increase compared to last year’s PHP 9.9 trillion transactions.
A breakdown of the transactions and volumes are as follows:
| Transactions (2023) | Transactions (2022) | Difference in Percent | |
|---|---|---|---|
| InstaPay | PHP 5.02 trillion | PHP 3.54 trillion | 41.8% increase |
| PESONET | PHP 7.84 trillion | PHP 6.41 trillion | 22.3% increase |
| Volume (2023) | Volume (2022) | Difference in Percent | |
|---|---|---|---|
| InstaPay | 838.56 million | 548.66 million | 52.8% increase |
| PESONET | 91.08 million | 84.81 million | 7.3% increase |
The performance was impressive in December alone with PESONet’s transactions totaling to PHP 758.1 billion in a volume of 7.78 million. InstaPay, on the other hand, clocked in PHP 549.7 billion with a 97 million volume.
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.
