Individuals can now send money instantly through more institutions with instaPay. The real-time electronic fund transfer service is now being offered by 42 financial institutions, including banks and non-bank electronic money issuers or EMI’s.
Launched April of last year, instaPay is a fast, secure and easy way to send and receive money in the Philippines. It is part of the National Retail Payment System, a Bangko Sentral ng Pilipinas initiative that aims to fast-track the use of interconnected electronic payment channels in the country. Electronic payment consortium BancNet serves as the clearing switch operator.
With instaPay, anyone with a bank account or e-wallet can send money to another bank account or e-wallet using his smartphone, tablet or laptop anytime and anywhere. He just needs to access his bank’s mobile app or Internet banking site or EMI’s mobile app. The recipient will receive the money as soon as it is sent.
instaPay can be used to pay for goods just like using cash. It can be used to pay for services of professionals such as doctors, lawyers, plumbers, and caterers. It is also a convenient way to transfer funds, like sending allowances to children, money to relatives, or even rent to a landlord. The recipient instantly receives the funds in full at no cost to him. He can then withdraw the money from any ATM or use his ATM card, other debit card, or e-wallet to pay for goods and services.
A maximum of PHP 50,000 per transaction can be sent with no limit to the number of transactions a day. The sending fee is affordable regardless of the amount sent or where it is sent. It varies from bank to bank or EMI.
As of August 31, 2019, participating banks and EMIs which have sending and receiving services through instaPay are AUB, Bank of Commerce, BDO, BPI, BPI Direct BanKO, Cebuana Lhuillier Rural Bank, China Bank, China Bank Savings, Dungganon Bank, East West Bank, Equicom Savings, GCash, Land Bank, Malayan Bank, Maybank, Metrobank, PBCOM, PNB, PNB Savings, PS Bank, RCBC, Robinsons Bank, Security Bank, Sterling Bank, Sun Savings, Union Bank, and UCPB. Those with only receiving services are AllBank, Bangko Mabuhay, CTBC Bank, DBP, ING, ISLA Bank, OmniPay, Partner Rural Bank, PayMaya, Philippine Business Bank, Philtrust, Quezon Capital Rural Bank (QCRB), UCPB Savings, Veterans Bank, and Wealth Bank.
More banks and non-bank EMIs will offer instaPay soon.
