Switched transactions processed by BancNet hit the 2-billion mark on November 17, 2024, with a total of 2,004,198,498 transactions year-to-date. For the whole of 2024, the electronic payment network processed a total of 2.37 billion switched transactions. This is 690 million, or 41.2 %, more than the 1.68 billion switched transactions recorded for the whole of 2023.
Last year’s transaction volume was worth a total of Php 11.38 trillion, a Php 2.88 trillion, or 33.9 %, increase compared to the 2023 total value of Php 8.50 trillion.
Switched transactions consist mainly of fund transfers, cash withdrawals, balance inquiry, bills payment, payments to merchants using a debit card or QR Ph code, and payments to government agencies. They are transactions of a bank or e-wallet customer using the facilities, services, billers, and business establishment-partners of another bank or e-wallet, such as ATMs, point-of-sale (POS) terminals, the QR Ph code, and InstaPay.
As the national switch for ATMs and POS terminals, BancNet interconnects these banking channels to provide enhanced convenience to its members’ customers. Fund transfers and payments through InstaPay, dominated BancNet’s volume last year, as consumers continued to savor the convenience of digital fund transfers and payments which was whetted during the covid 19 pandemic. InstaPay transactions, at 1.45 billion, comprised 61.4 % of the 2.37 billion switched transactions processed, while other transactions had a share of 38.6 %, at 920 million.
InstaPay is a real-time fund transfer service operated by BancNet which was designated by the Bangko Sentral ng Pilipinas as operator of a designated payment system (ODPS). InstaPay enables a bank or e-wallet customer to securely transfer funds from a bank or e-wallet account to another account in a different bank or e-wallet in real-time, using his mobile app. As ODPS, BancNet is tasked to ensure the safe, efficient, and reliable operations of InstaPay.
Despite the overdrive, BancNet’s systems remained robust throughout 2024, delivering average service availability rates of 99.995% for InstaPay and 99.994% for ATM services.
BancNet has 110 members with a combined card base of over 121.2 million, and an extensive network of more than 27,600 ATMs, about 607,000 POS terminals, 90 InstaPay participants and over 1,600 biller companies.
