The value of transactions across the two major automated clearing houses grew by 43 percent in the first seven months of the year, Bangko Sentral ng Pilipinas (BSP) newspaper reported Thursday.
The total value of PESONet and InstaPay transactions was about 5.37 trillion pesos during the first seven months of 2022, an increase of 43 percent over values recorded during the same period last year.
PESONet and InstaPay also recorded more than 348 million transactions in the January-July period of this year, an increase of 24 percent over the same period in 2021.
PESONet and InstaPay are automated clearinghouses launched under BSP’s National Retail Payment System (NRPS), which promotes a secure, efficient, affordable, comprehensive and reliable retail payment system.
PESONet enables high value transactions and can be considered as an electronic alternative to the paper check system. InstaPay is a low-value, real-time electronic money transfer method for transactions up to 50,000 COP that is very useful for remittances and e-commerce.
After its collapse, PESONet’s transaction value grew to more than 3.46 trillion pesos in the first seven months of 2022, an increase of 47 percent over the same period in 2021. PESONet’s transaction volume, on the other hand, rose to $48 million. transactions, up 22 percent from the same period last year.
The basic payment plan attributed the increase in PESONet transactions to payments to the state-run pension fund facilitated by the Development Bank of the Philippines (DBP), which began in September 2020.
The payments were made twice a month with an average exchange volume of 1.5 million transactions worth 6.8 billion pesos from the period covering January to July 2022.
For InstaPay, the value of transactions grew to about 1.91 trillion pesos in the first seven months of 2022, an increase of 37 percent over the same period in 2021. Meanwhile, InstaPay’s transaction volume expanded to more than 300 million transactions in the first seven months of the year. year, an increase of 25 percent over the same period last year.
BSP said the increase in InstaPay transactions was mainly due to the widespread use of online banking and e-money transactions for local remittances, e-commerce, bill payments and other low-value instant payments.