Transactions via InstaPay, PESONET up at end-Feb

TRANSACTIONS coursed through the InstaPay and PESONet payment gateways went up to P2.54 trillion as of end-February, Bangko Sentral ng Pilipinas (BSP) data showed.

The combined value of transactions done through the BSP’s automated clearing houses InstaPay and PESONet rose by 38.5% from the P1.83 trillion recorded as of the same period last year.

In terms of volume, transactions coursed through the clearing houses surged by 73.7% year on year to 202.1 million from 116.4 million.

Broken down, the value of PESONet transactions rose by 33.2% to P1.53 trillion as of end-February from P1.15 trillion in the same period a year ago.

The volume of PESONet transactions likewise increased by 8% to 15.79 million from 14.57 million as of end-February 2023.

Meanwhile, the value of transactions done through InstaPay climbed by 47.4% to P1 trillion from P681.2 billion a year earlier.

The volume of transactions that went through the payment gateway surged by 83% to 186.3 million from the 101.8 million logged in the comparable year-ago period.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the rise in InstaPay and PESONet transactions came amid the faster growth in digital transactions and online businesses.

“This may also be attributed to the expedited adoption of online banking by more Filipinos due to greater convenience, lower costs, and greater security,” he said in a Viber message.

He also noted the increased use of digital wallets and fund transfers from bank accounts as an alternative to cash.

“It’s more convenient also to do interbank transactions using mobile phones and apps, inevitably passing through InstaPay and PESONet,” he added.

The BSP wanted 50% of the total volume and value of retail transactions done online by the end of 2023.

The central bank earlier said they are confident they met the end-2023 target amid rising use of e-wallets and online banking platforms.

In 2022, the share of online payments in the total volume of retail transactions rose to 42.1% from 30.3% a year earlier. — Luisa Maria Jacinta C. Jocson