Manila Bulletin

Send and Receive Money via instaPay QR


1. What is InstaPay?

InstaPay is an electronic fund transfer service that enables the transfer of money between accounts in different banks or e-walletsin real-time, anytime and anywhere in the country. It is powered by electronic payment network BancNet.

2. What is InstaPay QR?

InstaPay QR enables the transfer of money between accounts in different banks and e-wallets by scanning a QR code instead of typing an account number. It follows the QR Ph standard.

3. What is a QR Code?

A QR code (short for “Quick Response code”) is a 2-dimensiona­l image-based bar code capable of holding large amounts of data. QR codes store data using patterns of black dots and white spaces, arranged in a square grid. It can be read by a smartphone QR scanner or mobile device that is equipped with a bar-code reader.

When personal and financial data are stored in it, a QR code can be used to send and receive money.A recipient of the funds shows his /her QR code to the payer or sender who will scan the code to initiate the transactio­n.

4. What is QR Ph?

QR Ph is the Philippine­s’ QR code standard based on the Europay-Mastercard-VISA(EMV) standard, a global standard for secure payments. It gives customers of participat­ing banks and non-bank electronic money issuers (EMI) a quick and safe method to pay, transfer to and receive funds from other bank and e-money accounts in the Philippine­s.

QR Ph allows a common QR code to be scanned and interprete­d by any participat­ing bank or EMI mobile app and used for fundtransf­ers and payments. QR Ph interconne­cts participat­ing banks and non-bank e-money issuers much like how the ATMs of different banks are interconne­cted.

5. What are the benefits of InstaPay QR?

InstaPayQR offers you added security, convenienc­e, and peace of mind.

You can send or receive money in the comfort and safety of your home or office and you need not withdraw and carry large amounts of cash.

If you are sending money, you do not have to type your recipient’s account number and you are assured that your money will go to the correct account.

If you are receiving money, you do not have to share your account number with the person sending the money and you are assured that the money is sent to the correct account.

6. Who can use InstaPay QR?

InstaPay QR can be used by customers of participat­ing banks and EMIs through their mobile apps.

7. What do I need to be able to send or receive money through InstaPay QR?

You need a smartphone with a camera and a reliable data/Internet connection. You also need to download the mobile app of your bank or EMI.

To receive money, you need to generate a QR code through your bank’s mobile app or your e-wallet.

8. What are the uses of InstaPay QR?

You can use InstaPay QR to:

● send or receive allowances of/from your parents, children and other relatives

● send or receive charitable and sympathy donations

● repay someone or get paid for a loan

● pay or get paid for services like plumbing, electrical, cleaning, tutorial, repair, etc.

● pay or get paid for online medical consultati­ons

● pay or get paid for goods bought/sold online

9. How much can be sent or received through InstaPay QR?

You can send or receive up to ₱50,000 per transactio­n.

10. Is there a fee to use InstaPay QR?

In general, yes. The amount varies from bank/EMI to bank/EMI. The sender pays the fee. The recipient receives the amount in full.

11. Which banks and EMIs offer InstaPay QR?

The following offer InstaPay QR:

For sending and receiving:

1. All Bank

2. Asia United Bank

3. BDO Unibank

4. BPI

5. Card Bank

6. China Bank

7. DCPay

8. Land Bank

9. Maybank

10. Metrobank

For receiving only Paymaya

11. PNB 12. PSBank

13. Queen Bank

14. RCBC

15. Robinsons Bank

16. Rural Bank of Guinobatan

17. Starpay

18. Sterling Bank

19. Union Bank

20. USSC

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