PH digital payments jumped 43% to P2.58t in January—BSP

By volume, InstaPay transactions jumped 350 percent to about 678.32 million in January. PESONet transactions increased 8.62 percent to 10.48 million during the same period. Both systems operate as automated clearing houses under the National Retail Payment System of the BSP.

InstaPay provides real-time, low-value electronic fund transfers for transactions up to P50,000, while PESONet serves as a batch electronic fund transfer alternative to paper-based checks.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the double-digit growth reflects the growing adoption of digital banking and payment channels in a low-cost environment.

“Strong double-digit growth reflects continued increase in online/digital banking transactions, increased adaptation of digital payment systems as alternative to checks amid lower costs and greater convenience, also reflecting increased use of e-wallets,” Ricafort said.

Philippine Institute for Development Studies senior research fellow John Paolo Rivera said the growth highlights a continued shift toward cashless transactions supported by mobile banking, e-wallets, remittance inflows and e-commerce growth.

“InstaPay’s faster growth points to increased use for real-time, small-value payments, while PESONet is driven by business and bulk transactions. Digital payments should continue to grow at a double digit pace, supported by financial inclusion, better payment infrastructure, and changing consumer behavior although growth may gradually normalize as adoption matures,” Rivera said.