PESONet, InstaPay transfers rise to P2.6 trillion

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March 29, 2026 | 12:00am

MANILA, Philippines — The value of electronic fund transfers coursed through PESONet and InstaPay climbed to P2.58 trillion in January, driven by sustained growth in digital payments adoption and higher transaction activity.

The combined value of digital electronic fund transfers surged by 43.4 percent from P1.8 trillion in the same month last year, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

In terms of volume, PESONet and InstaPay transactions reached 689 million as of January, 4.3 times the 160 million a year ago, reflecting a sharp increase in usage of electronic payment channels.

Broken down, the value of PESONet transactions jumped by 27.6 percent to P1.34 trillion from P1.05 trillion a year earlier. Its transaction volume also grew by 8.6 percent to 10.48 million from 9.65 million.

The value of InstaPay transactions surged by 65.2 percent to P1.24 trillion from P750.62 billion a year ago, while volume spiked by 350.2 percent to 678 million from 150.59 million.

PESONet and InstaPay are automated clearing houses, launched under the BSP’s National Retail Payment System. The NRPS was launched in December 2015 to promote a safe, efficient, affordable, inclusive and reliable retail payment system.

PESONet enables high-value transactions and may be considered as an electronic alternative to the paper-based check system, while InstaPay is a real-time, low value electronic fund transfer facility for transactions up to P50,000 and is most useful for remittances and e-commerce.

BSP Deputy Governor Mamerto Tangonan earlier said the share of digital transactions continued to rise, although the pace of growth eased from double-digit levels seen in previous years.

In 2024, online payments accounted for 57.4 percent of total monthly retail transactions by volume, up from 52.8 percent in 2023.

While still higher year on year, the increase marked a slower pace compared with previous years when digital payments posted double-digit gains, a trend Tangonan said reflects the maturing phase of adoption.

The BSP is now targeting to increase the share to 60 to 70 percent in the next four years, in line with the government’s Philippine Development Plan for 2023 to 2028.