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April 12, 2024

InstaPay transfers hit nearly P5 trillion in 2023

InstaPay facilitated nearly P5 trillion in transfers across nearly a billion transactions in 2023, representing a notable increase from the previous year.

Over the last five years, it has seen substantial growth, reaching over 2.1 billion transactions totaling P12.4 trillion.

BancNet CEO Elmarie S. Reyes anticipates continued growth this year, with new use cases and more participants joining.

InstaPay, introduced by the Bangko Sentral ng Pilipinas (BSP) in 2018, operates as an electronic fund transfer system allowing instantaneous transfers of small amounts between different banks and e-wallets, with a maximum transfer limit of P50,000.00 per transaction.

The BSP designated InstaPay as a prominently important payment system (PIPS) in 2022 to underscore its importance and supervision for public protection.