GoTyme offers 20 free InstaPay transfers a month
GOTYME BANK is giving its users 20 free InstaPay transfers monthly as it moves to help make online transactions more accessible and affordable.
“With a firm understanding of how Filipinos use and move their money across various banks and e-wallets, GoTyme Bank now offers 20 free InstaPay transfers per month to all customers,” the digital bank said in a statement on Wednesday.
“By offering 20 free transfers every month, GoTyme Bank takes another big step toward its mission of removing friction in everyday transactions and unlocking the financial potential of Filipinos through simple, beautiful banking.”
The number of fund transfers to any bank or e-wallet that will not be subject to transaction fees will refresh at the start of each month, it said.
Once customers use up the 20 free transfers, each InstaPay transaction will cost P9, which can also be paid using GoRewards points, GoTyme Bank added.
Meanwhile, it will continue to offer PESONet transfers free of charge.
“Together, these make everyday transactions more convenient, accessible, and aligned with the way modern Filipinos move their money,” it said.
“With freedom from fees, savings that add up, and the ability to send money effortlessly to anyone, anytime, GoTyme Bank customers gain financial flexibility and are empowered to achieve more of their goals.”
InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce, while PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.
Latest Bangko Sentral ng Pilipinas (BSP) data showed that InstaPay fees charged by its supervised financial institutions for individual transactions currently range from P7.50 to P75, while PESONet fees are at P5 to P600, depending on the amount.
The BSP has been encouraging banks to reduce or permanently remove charges for small-value person-to-person online transactions to help boost digital payments.
The value of transactions conducted via InstaPay and PESONet jumped by 39.5% year on year to P11.1 trillion in the January-June period from P7.98 trillion a year prior, central bank data showed.
The volume of transactions coursed through the automated clearing houses also more than doubled (138.7%) to 1.58 billion at end-June from 660.7 million in the same period a year ago.
Separate BSP data also showed that the share of online payments in monthly retail transactions stood at 57.4% in terms of volume, up from 52.8% in 2023. In terms of value, the share of online payments in monthly retail transactions rose to 59% in 2024 from 55.3% in 2023.
The BSP wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028.
GoTyme Bank began commercial operations in October 2022 and is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group and Singapore-based Tyme Group.
The digital bank booked a net loss of P3.44 billion in 2024, widening from the P2.47-billion loss in 2023 amid higher operating expenses, its latest annual report showed. — A.M.C. Sy
