Combining the transaction value of both PESONet and InstaPay, it saw a cumulative growth of 33 percent, reaching Php3.81 trillion in Q1 2024. The increase was a third more than the previous year of Php2.87 trillion, suggesting an uptick in digital payment methods, per the Bangko Sentral ng Pilipinas (BSP).

Coincidentally, transaction volume for both PESONet and InstaPay saw a substantial rise, climbing 70 percent to Php309.3 million transactions. In comparison to the previous record of Php182.4 million in early 2023, it saw an almost double increase. Inference states that consumers and businesses alike are opting more for digitalized forms of payment.

Used in real-time for low-value digital payments, InstaPay has been effective in replacing traditional money transactions. Meanwhile, PESONet has been seeing adoption for batch electronic funds transfer, offering a viable substitute for recurring payments and cheques.

InstaPay-PESONet

With support from 86 entities, which includes various banks and financial institutions, the supporting infrastructure of InstaPay has been expanded. Meanwhile, PESONet consists of 109 entities in its network.

Deputy Governor Mamerto E. Tangonan said that the goal to digitize 50 percent of all payment transactions by the end of 2023 was met, although the exact figures have yet to materialize by the BSP.

With the pandemic said to be the major driving force, electronic payments have been gaining traction in the Philippines, speeding up digital transaction methods. Further proof of this acceleration is the proliferating adoption of the QR Ph code.

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