Electronic fund transfers via the PESONet and InstaPay nearly touched P10 trillion last year, jumping by 37.3 percent to hit P9.94 trillion from P7.24 trillion in 2021.
PESONet transactions surged by 41.2 percent to P6.41trillion, while the amount of InstaPay transactions jumped by 30.7 percent to P3.53 trillion.
In terms of transaction volume, PESONet and InstaPay booked a combined increase of 21 percent to 633.46 million last year from 523.59 million in 2021.
The volume of PESONet transactions went up by 17.9 percent to 84.8 million, while the volume of InstaPay transactions increased by 21.5 percent to 548.65 million.
Both facilities are automated clearing houses, launched under the Bangko Sentral ng Pilipinas’ (BSP) National Retail Payment System (NRPS) launched in December 2015 to promote a safe, efficient, affordable, inclusive and reliable retail payment system.
The Bangko Sentral ng Pilipinas (BSP) is confident of achieving the twin goals under its Digital Payment Transformation Roadmap.
As part of its commitment to transform the Philippines into a cash-lite from a cash-heavy economy, the BSP targets to shift 50 percent of total retail transactions to electronic channels and onboard at least 70 percent of Filipino adults to the financial system by 2023.
Digital payments increased to 30.3 percent to total retail transactions in 2021 from 20.1 percent in 2020, while the number of banked Filipino adults almost doubled to 56 percent in 2021 from 29 percent in 2019.
