PHILIPPINE Payments Management, Inc. (PPMI) reported that retail e-payments jumped significantly during the enhanced community quarantine (ECQ) from March 17 to April 30, 2020. In April alone 8,860,959 instaPay fund transfers were processed, 2,157,074 or 32.18 percent, more than the 6,703,885 transactions in March.
The total value of these transactions is over P53 billion with an average amount of P6,129.00 per transaction.
PPMI is the payment system management body designated by the Bangko Sentral ng Pilipinas(BSP) and formed by the payments industry to promote electronic payments in the country under the National Retail Payments System Framework of the BSP.
It directly supervises the InstaPay automated clearing house (ACH).
PPMI general manager Carmelita Araneta said before the ECQ, fund transfers through InstaPay grew by only about 10 percent a month in February and March.
“Transactions averaged 200,158 a day from January 1 to March 16, 2020. The average rose to 263,588 a day during March 17 to April 30, 2020. People’s limited mobility under lockdown made them shift to electronic fund transfer through InstaPay which they found convenient and safe as they did not have to leave their homes,” Araneta said.
She said Filipinos used InstaPay to send money to relatives, to pay for essential items they ordered online, and give donations to relief fund drives for covid19- and ECQ-challenged sectors.
“I see this trend to continue until the ECQ is lifted, perhaps even beyond, as long as the risk of COVID-19 persists. It will be the new normal,” PPMI president Abraham Co added.
InstaPay is an electronic money transfer service that enables consumers to send money to accounts in other banks and e-wallets through participating online banking websites and mobile applications (app).
InstaPay is available 24/7, even during weekends and holidays. It can be accessed anywhere so people need not leave their homes to send money.
Another key benefit of InstaPay is the instant receipt of the money sent.
To be able to use InstaPay, one must go to his bank’s online banking website or download his bank’s or e-wallet’s mobile app on his smart phone and follow directions given.
instaPay was launched by the Bangko Sentral in April 2018 in line with its goal of increasing digital payment transactions to 20 percent of total payment transactions this year.
InstaPay marked its second anniversary last month with the all-time-high volume of 8.86 million transactions which is 82.84 percent more than the volume a year ago.
The maximum amount that can be transferred is P50,000.00 per transaction. In general, there is no limit in the number of transactions that a sender can make in a day.
Electronic banking network BancNet is the clearing switch operator of instaPay.
“InstaPay transactions are secure. You can check and double check the details before you confirm your transaction. Your bank or e-wallet will send you a one-time code to authenticate your identification before finalizing your transaction after which it shall inform you immediately that your money transfer was successful.” BancNet CEO AristeoZafra said.
Banks and e-wallets offering the instaPay service for sending and receiving are: AllBank, AUB, Bank of Commerce, BDO, BPI, BPI Direct BanKO, CebuanaLhuillier Bank, China Bank, China Bank Savings, CTBC Bank, DCPay, Dungganon Bank, East West Bank, East West Rural Bank, Equicom Savings, G-Cash, Land Bank, Malayan Bank, Maybank, Metrobank, PayMaya, PBCom, PNB, PNB Savings Bank, PSBank, Philtrust, RCBC, Robinsons Bank, Security Bank, Sterling Bank, Sun Savings, Union Bank, and UCPB.
InstaPay participants that are receiving only, pending full connectivity, are: Bangko Mabuhay, BDO Network Bank, DBP, ING Bank, Isla Bank, Omnipay, Partner Rural Bank, Philippine Business Bank, QCRB, UCPB Savings Bank, Veterans Bank, and Wealth Bank.
