BSP launches InstaPay electronic fund transfer service

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) took a step closer to its goal of seeing electronic payments comprise 20% of all transactions in the country by 2020, with the launch of InstaPay.

Launched on Monday, April 23, InstaPay is an electronic fund transfer service that allows customers to transfer pesos almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines.

“Individuals, businesses, and government institutions will be able to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day,” the BSP said.

“The transferred funds are instantly received in full as no fee is charged to the receiving party. Charges may however apply to sending parties. Recipients may also be charged for cash withdrawals,” it added.

The service, which is aimed at removing the need to physically transact at bank branches, will be accessible 24/7 through mobile apps and internet banking facilities provided by participating banks and e-money issuers.

“Other e-channels will follow soon,” said the BSP.

Currently, there are 20 financial institutions participating in the InstaPay service.

For sending and receiving transactions:

• Asia United Bank
• BDO Unibank
• China Banking Corporation
• China Bank Savings
• Equicom Savings Bank
• Security Bank
• Unionbank of the Philippines

For receiving transactions: 

• CTBC Bank
• EastWest Bank
• Land Bank of the Philippines
• Metropolitan Bank & Trust Company
• Omnipay
• PayMaya
• Philtrust Bank
• Philippine Savings Bank
• Rizal Commercial Banking Corporation
• Robinsons Bank
• Sun Savings Bank
• United Coconut Planters Bank
• Yuanta Savings Bank 

The BSP said the number of banks is “expected to increase quickly in the coming months as more institutions respond to customer demand.”

InstaPay follows the central bank’s launch of its first automated clearing house, Pesonet, back in November 2017. – Rappler.com