PESONet, InstaPay transactions surge 39% year-over-year to ₱5.29T

Digital payment transactions via PESONet and InstaPay surged by nearly 39 percent year-over-year to ₱5.29 trillion as of end-March, up from ₱3.81 trillion in the same period last year.

The Bangko Sentral ng Pilipinas (BSP) reported a monthly increase of over 12 percent compared to February's figures, with both PESONet and InstaPay experiencing significant growth in transaction volume.

PESONet transactions climbed by almost 32.4 percent annually to ₱3 trillion at end-March, while InstaPay saw a near 48.3 percent increase to ₱2.29 trillion from the previous year.

The volume of PESONet and InstaPay transactions surged by 71.5% to 530.49 million as of March, up from 309.29 million a year prior, reflecting the continued strong growth in online business transactions requiring digital payment systems.

PESONet and InstaPay, introduced in December 2015 under the BSP's National Retail Payment System framework, continue to play crucial roles with PESONet handling high-value transactions and InstaPay facilitating real-time transfers for low-value transactions up to ₱50,000.