Real-time fund transfer service provider InstaPay (in the Philippines) has reportedly processed around 300 million transfers with an aggregate value of about PHP 5.49 trillion during the first seven months of 2022.
The average daily volume was reported to be around 1.37 million transactions.
InstaPay enables clients of a bank or digital wallet to send and receive funds instantly to and from another banking platform or virtual wallet.
The service is accessible via the mobile app or Internet banking facilities of InstaPay partner banks and digital wallet providers, making it seamless to send and receive funds anytime and anywhere in the Philippines.
InstaPay also reported all-time highs in single-day volume of transactions from last month.
In August 2022, InstaPay operator BancNet handled a substantial number of InstaPay fund transfers. They were about 18.44 % higher compared to July 2021. These were worth PHP 292.11 billion, which was 28.22 % more than what was recorded last year.
Initially driven by necessity because of clients’ restricted mobility during the past couple years (following the COVID-19 outbreak), InstaPay’s growth has been steady even when restrictions were eased in late 2021.
Elmarie S. Reyes, CEO of BancNet, said:
“This indicates that more people have truly embraced digital payments. Digital payments will grow further as new uses for instaPay are introduced and as we onboard more partners into the network.”
At present, InstaPay has 70 partner banking institutions and non-bank digital money issuers of which 6 reportedly joined during H1 2022. Its newest business partners are two digital banks (Tonik and UnionDigital).
Interoperable bill payment, request-to-pay, and cross-border payments are the new features that InstaPay may offer soon.
InstaPay may be used to send funds instantly to a domestic bank account or digital wallet using an account number, a QRPh code, or a registered local phone number, and to pay at local stores and businesses via a QRPh code.
The maximum amount allowed per transfer is PHP 50,000.00.