PESONet, InstaPay transactions balloon in first 7 months of 2022

MANILA, Philippines — The value of PESONet and InstaPay transactions skyrocketed in the first seven months amid surging digital payments as the domestic economy gradually embraces cashless transactions.

In a statement on Thursday, the Bangko Sentral ng Pilipinas reported that the combined value of these two payment facilities soared 43% year-on-year to P5.37 trillion from January to July. 

Combined transactions volume jumped 24% on-year to 348 million compared to the same period last year. 

The BSP said the expansion observed in PESONet and InstaPay supported the central bank’s goal to digitalize 50% of the retail payments in the country. 

The value of PESONet transactions, considered an alternative to paper-based check system, expanded 47% year-on-year to P3.46 trillion in the first seven months of the year.

PESONet transaction volumes rose 22% compared to the same period, propelled by state-run pension fund disbursements of the Development Bank of the Philippines. The BSP said the DBP’s disbursements, valued at P6.8 billion, were done twice in a month since January.

On the other hand, the value of InstaPay transactions fattened 37% year-on-year to P1.91 trillion from January to July. Transaction volumes of the real-time electronic fund transfer facility advanced 25% compared to the same period last year. 

The Filipino consumers’ increasing reliance on digital banking and online transactions contributed to the increase in InstaPay transactions, the central bank said.

Both InstaPay and PESONet are automated clearing houses launched by the BSP. 

The central bank’s Digital Payment Transformation Roadmap is eyeing to include 70% of the country’s adult population into the financial system.