Fourth Stop: Philippines
Contributed by Lim Jing Wei, Chief Fintech Officer
Let's get on to our next destination in the world of real-time payments series, exploring the Philippines' dynamic InstaPay system.
Launched in 2018 and operated by BancNet, InstaPay revolutionizes electronic fund transfers within the country. It empowers customers to swiftly move PHP funds between participating institutions, be it savings, current, or e-money accounts, with or without ATM/debit cards.
This service is at your beck and call, 24/7, 365 days a year. You can transfer up to PHP50,000 per transaction, making it incredibly convenient for daily financial transactions.
In recent times, InstaPay has witnessed an extraordinary surge in transaction volume and value, particularly in the post-pandemic era. Between November 2019 and 2022, its usage has skyrocketed tenfold.
Aligning with the Philippines' central bank, BSP (Bangko Sentral ng Pilipinas), the Digital Payments Transformation Roadmap (2020-2023) was set into motion in 2020. This ambitious plan aims to digitize a significant portion of the retail payment volume and extend financial inclusivity to 70% of Filipino adults. InstaPay and PESONet, another interbank transfer service operated by the NPRS (National Retail Payment System), play pivotal roles in this transformative journey.
Exciting news for all our customers – CYS Global Remit will soon introduce Real-Time payments via the InstaPay Network through our mobile application. Stay tuned for further updates!