instaPay, the electronic money transfer service operated by BancNet, marked its second year in the market last April with an all-time-high volume of 8,860,959 transactions during the month. This is 2,157,074, or 32.18%, more than the 6,703,885 transactions in March and 82.84% more than the volume a year ago. The total value of these transactions is over PhP53 billion with an average transaction amount of PhP6,129.00.
BancNet CEO Aristeo Zafra attributes this remarkable jump in volume to people shifting to digital payments and online banking during the enhanced community quarantine (ECQ) from March 17 to April 30, 2020.
“Before the ECQ, fund transfers through instaPay grew by only about 10% a month in February and March. Transactions averaged 200,158 a day pre-ECQ (January 1 to March 16, 2020). The average rose to 263,588 a day during ECQ (March 17 to April 30, 2020). People’s limited mobility under lockdown made them explore ways to access their accounts while in the safety of their homes. They discovered that transferring money through instaPay was more convenient and safer. They used instaPay to send money to relatives, to pay for essential items they ordered online, and even donate to fund-raising drives,” Mr. Zafra shares.
instaPay enables individuals to send money to accounts in other banks and e-wallets through participating online banking websites and mobile applications (app). instaPay is available 24/7, even during weekends and holidays. It can be accessed anywhere so people need not leave their homes to pay or send money. With instaPay, money sent is received instantly. The maximum amount that can be transferred is P50,000.00 per transaction. In general, there is no limit in the number of transactions that a sender can make in a day.
To be able to use instaPay, one must go to his bank’s online banking website or download his bank’s or e-wallet’s mobile app on his smart phone and follow the directions given.
Mr. Zafra adds that “instaPay transactions are secure. You can check and double check the details before you confirm your transaction. Your bank or e-wallet will send you a one-time code to authenticate your identification before finalizing your transaction after which it shall inform you immediately that your money transfer was successful.
Banks and e-wallets offering instaPay for sending and receiving are: AllBank, AUB, Bank of Commerce, BDO, BPI, BPI Direct BanKO, Cebuana Lhuillier Bank, China Bank, China Bank Savings, CTBC Bank, DCPay, Dungganon Bank, East West Bank, East West Rural Bank, Equicom Savings, G-Cash, Land Bank, Malayan Bank, Maybank, Metrobank, Paymaya, PBCom, PNB, PNB Savings Bank, PSBank, Philtrust, RCBC, Robinsons Bank, Security Bank, Sterling Bank, Sun Savings, Union Bank, and UCPB.
instaPay participants that are receiving only, pending full connectivity, are: Bangko Mabuhay, BDO Network Bank, DBP, ING Bank, Isla Bank, Omnipay, Partner Rural Bank, Philippine Business Bank, QCRB, UCPB Savings Bank, Veterans Bank and Wealth Bank.
