THE VALUE of transactions done through InstaPay and PESONet rose to P10.9 trillion in the first eight months of 2024, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Central bank data showed that transactions coursed through the two automated clearing houses climbed by 34.1% as of August from P8.13 trillion in the same period a year ago.
In terms of volume, transactions done via InstaPay and PESONet also surged by 64.5% year on year to 916.58 million from 557.25 million.
Broken down, the value of transactions done through PESONet jumped by 27.1% to P6.37 trillion in the eight months ended August from P5.01 trillion in the comparable year-ago period.
The volume of PESONet transactions likewise rose by 9% to 65.56 million from 60.16 million.
Meanwhile, the value of InstaPay transactions stood at P4.52 trillion in the January-August period. This was 44.9% higher than the P3.12 trillion recorded a year prior.
The volume of transactions that went through the payment gateway soared by 71.2% to 851.03 million in the period from 497.09 million the previous year.
PESONet and InstaPay are automated clearing houses launched in December 2015 under the central bank’s National Retail Payment System framework.
PESONet caters to high-value transactions and may be considered as an electronic alternative to paper-based checks.
Meanwhile, InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.
Digital payments made up 52.8% of the volume of retail transactions in 2023, latest BSP data showed, up from the 42.1% share in 2022.
In terms of value, 55.3% of retail transactions last year were done online, also rising from 40.1% the year prior.
The BSP wanted at least 50% of the volume and value of retail transactions done online by end-2023 under its Digital Payments Transformation Roadmap.
The increase in digital payments was driven by wider use of online transaction channels among individuals and businesses, the central bank said, with the coronavirus pandemic accelerating this shift.
The central bank wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028, in line with the Philippine Development Plan. — Luisa Maria Jacinta C. Jocson
