PESONet adds PayMaya to financial institution participants

PESONet, the batch electronic funds transfer facility introduced last November 2017 with 33 participating financial institutions, has been adding more and more financial institutions as businesses and individuals are increasingly taking advantage of the service.

PESONet is a multilateral automated clearing house (ACH) established for Filipinos to enjoy convenient, safe and affordable same-day funds transfer from and to any participating financial institution, thus offering a superior alternative to checks.

As of October 2018, more than 60 financial institutions have already signed up with PESONet, 46 of them currently receiving PESONet transactions. As of end October 2018, PESONet has processed over 5.3 million transactions worth Php737 billion with usage growing by 115% in volume and 46% in value since its launch, or monthly by 7.2% and 3.5% in volume and value, respectively.

The BSP recognizes the accomplishments to date and is confident that the country will soon be able to realize a robust and dynamic digital payments ecosystem through education and consistent positive user experience. The BSP works closely with the Philippine Payments Management Inc. in digitalizing financial and payment services.

Closing its first year with a bang, PESONet now welcomes PayMaya Philippines as the first non-bank electronic money issuer (EMI-Others) to offer the service. Licensed by the BSP, PayMaya Philippines offers a prepaid payment wallet app and service that enables its customers to shop online, pay bills, buy mobile phone load, and send money. It is also the digital payments arm of Voyager Innovations, the technology firm in the country backed by investment firm KKR, Tencent and telecoms carrier PLDT.

With PayMaya’s PESONet-enabled services, any PayMaya enterprise and merchant partners are assured of more efficient cash flow management and lower operating costs, with no need to maintain multiple accounts in several banks in moving money around. Fees are also competitively structured with other industry players based on the National Retail Payment System (NRPS) pricing principles.

There are 24 financial institutions that have PESONet-enabled services on their internet banking facility while nine have it on their mobile channels.