DIGITAL PAYMENTS GROWTH. The Bangko Sentral ng Pilipinas (BSP) on Thursday (Sept. 15, 2022) reported the continued rise of digital payments in the country. It said PESONet transactions rose by 22 percent year-on-year as of end-July 2022 while InstaPay transactions grew by 25 percent during the same period. (Photo courtesy of BSP)

MANILA – State-run pension disbursements, along with wider usage of electronic money (e-money) and Internet banking, boosted the growth of both PESONet and InstaPay transactions as of the end of July 2022.
The Bangko Sentral ng Pilipinas (BSP) said Thursday the value of transactions under PESONet, which involves high-value transactions, grew by 47 percent year-on-year as of July to PHP3.46 trillion.
The volume of transactions rose by 22 percent year-on-year to about 48 million, it said.
The BSP said pension fund disbursements facilitated by the Development Bank of the Philippines (DBP), which started in September 2020, drove the rise in PESONet transactions to date.
“The disbursements were done twice a month with an average disbursement volume of 1.5 million transactions valued at PHP6.8 billion from the period covering January to July 2022,” it said.
The value of InstaPay transactions during the same period likewise jumped by 37 percent year-on-year to PHP1.91 trillion, with volume rising by 25 percent to more than 300 million.
The BSP traced this growth to “the wide use of Internet banking and e-money transactions for domestic remittances, e-commerce, bills payments, and other immediate low-value payments.”
PESONet and InstaPay are the two automated clearing houses under the central bank’s National Retail Payment System (NRPS), a program that promotes digital financial transactions.
The BSP aims to increase digital financial transactions in the country to account for at least 50 percent of total volume by 2023. (PNA)