MANILA - The combined value of electronic transfers PESONet and InstaPay reached over P5.37 trillion in the first seven months of the year, data from the Bangko Sentral ng Pilipinas released Thursday showed.

The figure is 43 percent higher than the same period in 2021, the central bank said in a statement.

A total of 348 million PESONet and InstaPay transactions were recorded from January to July this year, higher by 24 percent in the same comparable period, the BSP said.

PESONet, an electronic fund transfer for above P50,000, and InstaPay, or the real time transfer for funds lower than P50,000, are automated clearing houses under the BSP's National Retail Payment System.

For the first seven months, PESONet's value of transaction grew 47 percent while volumes are up by 22 percent. The BSP said these growths were mainly driven by state-run fund disbursements facilitated by the Development Bank of the Philippines.

Meanwhile, InstaPay's value and volume grew by 37 percent and 25 percent, respectively, data showed. Internet banking, e-commerce, bills payment, and other low-value payments have driven the growth of InstaPay, the BSP said.

"These reported increases in PESONet and InstaPay support the BSP’s Digital Payment Transformation Roadmap," the BSP said.

The central bank aims to digitalize 50 percent of the total volume of transactions and onboard 70 percent of the adult population to the formal banking system by 2023.

Former BSP Governor and current Finance Secretary Benjamin Diokno said the COVID-19 pandemic has accelerated the country's shift to digital payment.

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• Bangko Sentral issues moratorium on InstaPay, PESONet fee hikes

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