UCPB mobile app offers real-time fund transfer

MANILA, Philippines — UCPB has launched its InstaPay Service allowing clients to transfer funds real-time to other Philippine bank accounts through UCPB Connect, the bank’s suite of electronic banking facilities including internet and mobile banking.

Through the service, UCPB clients will be able to instantly send and receive funds or make payments of up to P50,000 per transaction, with a service fee of only P25 per transaction.

The service is accessible 24/7 and eliminates the need for clients to go through the trouble of physically travelling and transacting at bank branches or payment counters.

UCPB vice president and head of marketing group Charina Balanquit said InstaPay makes it possible for our clients to enjoy fast, safe, convenient, affordable and seamless transactions with participating banks and e-money issuers in the Philippines.

“The fund transfer service is geared more for retail payments such as domestic remittances, payments to service providers, e-commerce and peer-to-peer payments,” she said.

InstaPay is the first automated clearing house established under National Retail Payment System (NRPS) framework launched by the Bangko Sentral ng Pilipinas (BSP) to facilitate and promote electronic payments in the country.

She added InstaPay moves us closer towards financial inclusion by connecting Filipinos through account-to-account, instant fund transfers or payments.

“We see a rapid take-up of this service among our customers because it truly brings convenience like no other. Imagine being able to send funds to anyone in the country with a bank account, real-time. Again, we commend the BSP and participating banks for coming together and making this possible for our clients,” Balanquit said.

The BSP is now evaluating the compliance of banks in making fund transfer and payments available through their electronic channels to meet the government’s target of increasing the level of cashless transactions to 20 percent by 2020 from only one percent.