The Bangko Sentral ng Pilipinas (BSP) on Monday launched InstaPay, an electronic fund transfer (EFT) payment system enabling individuals to wire funds across banks in real-time.
InstaPay is the second automated clearing house under the National Retail Payments System, which aims to digitize 20 percent of all transactions in the country by 2020.
“PesoNet and InstaPay are the two priority ACHs for retail transactions. But we definitely won’t stop there,” BSP Governor Nestor Espenilla Jr. said in a text message.
“We’re encouraging at least three more: one for card-based retail payments, another for large value payments (for financial market transactions), and another for retail direct debit (pull transactions),” he said.
PesoNet was launched in November 2017, and the BSP said at least three more automated clearing houses are in the pipeline.
“Via InstaPay, Filipinos can start enjoying safe and affordable electronic payments in real-time,” the BSP said.
“Individuals, businesses, and government institutions will be able to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day,” the central bank noted.
The fund transfers will be received in full by the recipients, but they may be charged for cash withdrawals. Sending parties may also be charged.
As of April 23, clients of the following banks can send and receive funds: Asia United Bank Corp., BDO Unibank Inc., China Banking Corp., China Bank Savings Inc., Security Bank Corp., and Union Bank of the Philippines.
Clients of the following may only receive funds so far: CTBC Bank, Eastwest Bank, Landbank of the Philippines, Metropolitan Bank & Trust Co., Omnipay, Paymaya, and Philtrust Bank.
Clients of Philippine Savings Bank, Rizal Commercial Banking Corp., Robinsons Bank, Sun Savings Bank, United Coconut Planters Bank, and Yuanta Savings Bank may also receive funds via InstaPay.
“InstaPay will be accessible 24/7 through mobile apps and internet banking facilities provided by participating banks and e-money issues, with other e-channels following soon,” the BSP said.
“This eliminates the need to go through the trouble of physically traveling and transacting at bank branches or payments counters,” it said.
According to the BSP, more InstaPay participating institutions are expected in the coming months, given the anticipated rise in customer demand. —VDS, GMA News