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April 24, 2024

InstaPay sets new records with over 97 million transactions in December

InstaPay achieved a new milestone in December, processing over 97 million transactions, according to BancNet, the operator of InstaPay.

CEO Elmarie S. Reyes said that this volume was a record high, increasing by 13 million transactions (almost 16%) compared to the previous month and by 41 million transactions (almost 73%) versus December 2022.

On December 15, 2023, the service recorded its highest single-day volume with 4.1 million transactions, surpassing the previous record of 1.2 million set on the same day in 2022 by 2.9 million transactions (241.6%).

InstaPay, launched by the Bangko Sentral ng Pilipinas (BSP) in 2018 as a priority payment system under the National Retail Payment System (NRPS), allows consumers and businesses to instantly transfer small amounts of money between accounts in different banks and e-wallets.

Transactions are accessible through mobile apps or websites of partner banks and e-wallets, with a maximum transfer limit of P50,000.00 per transaction.

In 2023, a total of 838.56 million InstaPay transactions with a total value of P5 trillion were processed, marking a 56% jump in volume and a 45% increase in value compared to the previous year.

Despite the high volume, the system maintained a 99.89% controllable service availability rate throughout the year, reaching 100% in December.

Since its launch, InstaPay has processed more than 2.1 billion transactions worth P12.4 trillion, with a compounded growth rate of 92% for volume and 83% for value.

Reyes is hopeful about the future growth of InstaPay, anticipating an upward trend this year with the introduction of new use cases and the inclusion of additional participants. In December, more than 19 million distinct customers utilized InstaPay for transferring money.

As of December 31, 2023, there were 86 InstaPay participants, including 65 banks and 21 e-wallet providers, serving as senders, receivers, or both.