Realtime money transfers through InstaPay reached over 97 million transactions last December according to InstaPay operator BancNet. Its CEO Elmarie S. Reyes said that this record-breaking volume set a new milestone for the service as it grew by 13 million, or nearly 16 percent, from the previous month, and it was41 million, or almost 73 percent, more than the volume in December 2022.
An all-time high single-day volume of 4.1 million money transfers was recorded on December 15, 2023, the payday before Christmas, beating by 2.9 million transactions, or 241.6 percent, the record of 1.2 million set on the same day in 2022.
InstaPay is an electronic fund transfer system that allows consumers and businesses to transfer small amounts of money between sender and receiver accounts in different banks and e-wallets instantly. It is accessible anytime through the mobile apps or websites of partner banks and e-wallets. The maximum amount that can be transferred is P50,000.00 per transaction.InstaPay was introduced by the Bangko Sentral ng Pilipinas (BSP) in 2018 as a priority payment system under the National Retail Payment System (NRPS) with BancNet as its clearing switch operator.Four years later, the BSP designated InstaPay as a Prominently Important Payment System (PIPS), and authorized BancNet as an operator of a designated payment system (ODPS) which is InstaPay. A PIPS is placed under closer supervision and monitoring by the BSP to protect the public.
