Electronic transfers

InstaPay reaches new milestone with 2 million fund transfers in 1 day

BANCNET Inc., operator of the electronic funds transfer (ETF) InstaPay, recently announced that it processed via the ETF a record volume of 2.08 million transactions in a single day on August 15th.

InstaPay allows customers of one bank or e-wallet to send and receive money instantly to and from another bank or e-wallet. The service is accessible via mobile apps or internet banking services from InstaPay’s partner banks and e-wallet providers, making it easy and convenient to send and receive money anytime and anywhere in the world. country.

Last month, BancNet said it processed nearly 45 million InstaPay remittances, up 18.44% from July last year. These were worth 292.11 billion pesos, 28.22% more than last year, the company said. The average daily volume was 1.37 million transactions. In the first seven months of the year, nearly 300 million transactions were processed, with a total value of P5.49 trillion.

Although initially fueled by necessity due to restricted consumer mobility over the past two pandemic years, InstaPay’s growth continued its upward trend even when restrictions were eased at the end of the year. last until today.

“This indicates that more people have truly embraced digital payments,” BancNet CEO Elmarie S. Reyes said in a statement. “Digital payments will continue to grow as new uses for instaPay are introduced and we bring more partners into the network.”

Currently, InstaPay has 70 partner banks and non-bank e-money issuers of which 6 joined in the first half of 2022. Its new partners are Tonik Digital Bank Inc. and Union Digital Bank Inc. On the other hand, interoperable bill payment, payment request and cross-border payments are among the new uses of InstaPay to be introduced.

Currently, InstaPay can be used to send money instantly to a local bank account or e-wallet using a registered account number, QRPh code or local mobile number, and to pay at local stores and other businesses using a QRPh code. The maximum amount per transaction is P50,000.