MANILA, Philippines: 05Nov2024— The value of electronic fund transfers processed through the InstaPay Automated Clearing House continues to grow significantly. As of September 2024, the year-to-date (YTD) transaction volume has reached 974 million—a 71% increase compared to 571 million transactions in the same period last year. The total value of these transactions has surged to ₱5.1 trillion, representing a 45% increase from the ₱3.5 trillion recorded last September 2023.
On October 7, 2024, InstaPay achieved a significant milestone by surpassing 1 billion transaction volume for the year, totaling 1,033,923,221 transactions with a cumulative value of ₱5.3 trillion.
InstaPay is a real-time, low-value electronic fund transfer service that allows transfers of up to ₱50,000, making it especially useful for remittances and e-commerce transactions.
The Bangko Sentral ng Pilipinas (BSP) aims to further increase the adoption of digital payments, targeting 60-70% of total transactions to be cashless within the next four years, in line with the government’s Philippine Development Plan for 2023–2028.
Aside from InstaPay, the PESONet Automated Clearing House supports high-value transactions, offering an efficient electronic alternative to traditional paper-based payment systems. PESONet recorded a 35% increase in total transaction value, reaching 8.4Million in volume and 850 YTD September 2024.
Both InstaPay and PESONet are expected to continue driving the country’s transition towards a more digital economy. With new use cases and financial services being developed, the two platforms are positioned to sustain their growth and further enhance digital financial inclusion in the Philippines.