MANILA— Both InstaPay and PESONet fund transfers have registered significant growth in terms of transaction value for the first 7 months of 2021, the Bangko Sentral ng Pilipinas said Friday.
The value of transactions through InstaPay, or real-time transfers of less than P50,000, expanded by over 180 percent, while PESONet, which covers transfers of over P50,000, rose 80 percent for the first 7 months, the BSP said in a statement.
With these developments, the BSP said it would further push for its digitalization efforts in order to build a stronger post-pandemic economy, the central bank said.
"This will usher in a post-COVID-19 economy that is stronger, more technologically advanced, and more inclusive than ever before," BSP Gov. Benjamin Diokno said during a meeting with several financial associations.
InstaPay and PESONet are part of the BSP's clearing houses under the National Retail Payment System.
Banks in the country have been promoting the use of online fund transfers with several firms saying they would wave fees for InstaPay and PESONet transactions until the end of the year.
The BSP also earlier launched its Digital Transformation Roadmap, which aims to digitize 50 percent of transactions and have at least 70 percent of the population banked by 2023.
Due to the sudden need for online payments during the pandemic, Diokno said it's possible to achieve these goals by 2022.