Through InstaPay, consumers need not leave their homes or places of work to withdraw cash and make overthe-counter payments... Payments via InstaPay can be made anytime of up to P50,000 per transaction, without limit in a day... even after banking hours,
from both e-money and bank accounts even without a POS. It allows MSMEs to build a rich digital transaction history through the making of electronic payments. This will help establish MSME creditworthiness, allowing MSMEs greater access to credit from formal lending institutions. Electronic payments can also provide access to other financial services.
Through InstaPay, consumers need not leave their homes or places of work to withdraw cash and make over-the-counter payments. Conveniently available on electronic delivery channels through mobile apps and Internet banking facilities provided by participating banks and e-money issuers, on a 24 hour basis, 365 days a year, payments via InstaPay can be made anytime of up to P50,000 per transaction, without limit, in a day.... Payments can be made even after banking hours, on weekends or holidays. With InstaPay, electronic payments can also be made to the government for taxes, licenses, and other fees in real time.
The transferred funds are instantly received in full as no fee is charged for the electronic crediting of funds to the receiving party’s account in InstaPay participating institutions. Charges may however apply to sending parties. Recipients may also be charged for cash withdrawals.
During its launch, Mr. Espenilla hailed InstaPay as “innovative.” He stressed that InstaPay is “expected to create new markets and add new value.” The Governor also highlighted the importance of working together with the private sector to push for the adoption of electronic payments. He mentioned that broader utilization of these platforms will accelerate economic growth and make the Philippines more competitive.
As of June 26, 2018, PESONet participants have reached forty- two ( 42). With respect InstaPay, ten (10) participants are capable of sending and receiving payments and another fifteen (15) are able to receive payments. Participants are comprised of universal, commercial, thrift and rural banks as well as non-bank EMIs. The number of participants is expected to increase as the demand for better EFT services intensifies.