Real-time fund transfer service InstaPay processed an all-time high single-day volume of 2.08 million transactions last August 15. InstaPay enables customers of a bank or e-wallet to send and receive money instantly to and from another bank or e-wallet. The service is accessible through the mobile applications or Internet banking facilities of InstaPay partner banks and e-wallet providers, making it convenient and easy to send and receive money anytime and anywhere in the country.
Last month, InstaPay operator BancNet processed nearly 45 million InstaPay fund transfers, 18.44 % higher compared to July last year. These were worth Php 292.11 billion, which was 28.22 % more than last year. The average daily volume was 1.37 million transactions. In the first seven months of the year, close to 300 million transactions were processed, with a total value of Php 5.49 trillion.
Though Initially fueled by necessity due to consumers’ restricted mobility during the past two pandemic years, InstaPay’s growth has continued an uptrend even when restrictions were relaxed late last year up to the present.
“This indicates that more people have truly embraced digital payments,“ said Elmarie S. Reyes, CEO of BancNet. “Digital payments will grow further as new uses for instaPay are introduced and as we onboard more partners into the network,” she added.
Currently, InstaPay has 70 partner banks and non-bank e-money issuers of which 6 joined in the first half of 2022. Its newest partners are 2 digital banks, namely, Tonik and UnionDigital. On the other hand, interoperable bill payment, request-to-pay, and cross-border payments are among the new InstaPay uses to be introduced.
Currently, InstaPay can be used to send money instantly to a local bank account or e-wallet using an account number, a QRPh code, or a registered local cellphone number, and to pay at local stores and other businesses using a QRPh code. The maximum amount per transaction is P50,000.00.