InstaPay, PESONet transfers reach P7.7 trillion as of March
TRANSACTIONS done via PESONet and InstaPay reached a total value of P7.69 trillion as of March, data from the Bangko Sentral ng Pilipinas (BSP) data showed.
The value of InstaPay and PESONet transfers in the first three months jumped by 45.32% from the P5.29 trillion recorded in the same period last year.
Meanwhile, both clearing houses recorded a combined transaction volume of 2.025 billion as of March, surging by 281.79% from 530.486 million seen a year prior.
Broken down, the value of transactions made via InstaPay surged to P3.761 trillion as of the first three months from P2.289 trillion in the same period last year.
The volume of InstaPay transfers also ballooned to 1.99 billion from 502.297 million previously.
On the other hand, PESONet transactions were valued at P3.93 trillion during the three-month period, up from P3.003 trillion the prior year.
The volume of transactions made via the payment gateway also climbed to 31.398 million from 28.19 million, central bank data showed.
“March growth was driven by habit and necessity. Consumers are defaulting to InstaPay for speed and convenience, while businesses continue to use PESONet for payroll and bulk payments,” Reyes Tacandong & Co. Senior Ad-viser Jonathan L. Ravelas said in a Viber message.
This was also supported by fee waivers, while higher fuel prices due to the Middle East conflict likely boosted online transactions, he added.
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said transaction growth was supported by growing use of e-wallets and online banking and the shift toward cashless transactions for everyday payments and business transfers.
“Greater convenience, wider merchant acceptance, and ongoing digitalization efforts are key drivers.”
For the coming months, he expects transaction volume growth to normalize amid a high base, with continued expansion depending on further improvements in digital infrastructure, interoperability, and user trust.
“For the rest of the year, growth stays strong but more measured — this is no longer about adoption, but deeper usage. Digital payments are now core infrastructure, not a trend,” Mr. Ravelas added. — Aaron Michael C. Sy
