InstaPay, PESONet transactions increase by 32.8% at end-March

Transactions coursed through InstaPay and PESONet hit P3.81 trillion as of end-March, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The combined value of transactions done via automated clearing houses InstaPay and PESONet jumped by 32.8% from the PHP 2.87 trillion in the same period a year ago.

In terms of volume, transactions coursed through the clearing houses soared by 69.5% year on year to 309.3 million as of March from 182.5 million.

Broken down, the value of PESONet transactions climbed by 26% to PHP 2.27 trillion as of end-March from P1.8 trillion in 2023.

The volume of transactions that went through the payment gateway stood at 23.56 million as of March, up by 4.8% from 22.48 million a year prior.

Meanwhile, the value of transactions done through InstaPay increased by 44.3% to PHP 1.54 trillion at end-March from PHP 1.07 trillion in the year-ago period.

The volume of InstaPay transactions also surged by 78.6% year on year to 285.7 million from 159.98 million.

The rise in online transactions can be attributed to the increase in demand for digital banking amid the reopening of the economy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The continued increased adoption of electronic fund transfers, as further accelerated since COVID-19, sustained the double-digit growth as more people discover that using InstaPay and PESONet through online banking apps is more convenient, faster, safer, and cheaper than using checks, cash and over-the-counter banking transactions,” Mr. Ricafort said in a Viber message.

The increase in the use of digital wallets also drove transaction growth, he said.

The central bank wanted to have 50% of the total volume and value of retail transactions done online by the end of 2023.

The BSP earlier said they are confident they met the target amid growing 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