The Bangko Sentral ng Pilipinas (BSP) on Monday launched its latest automated clearing house that allows real-time electronic payments of up to P50,000 per day.
Led by BSP Governor Nestor A. Espenilla Jr., the country’s central monetary authority launched InstaPay, the second automated clearing house under the BSP’s initiative to boost electronic payments in the country.
The BSP said private individuals, businesses and government institutions will be able to send and receive funds or make payments of up to P50,000 per transaction in real time via the newly launched InstaPay.
The transferred funds are instantly received in full, as no fee is charged to the receiving party.
However, charges may apply to sending parties. Recipients may also be charged for cash withdrawals.
The BSP said InstaPay will be accessible 24/7 through mobile apps and Internet banking facilities provided by participating banks and e-money issuers, with other e-channels following soon.
“This eliminates the need to go through the trouble of physically traveling and transacting at bank branches or payments counters,” the BSP said.
Currently, there are 20 InstaPay participating institutions. The BSP is expecting this number to “increase quickly” in the coming months as more institutions respond to customer demand.
InstaPay’s launch came following the establishment of the first Automated Clearing House, PESONet, which was launched in November last year.
Both initiatives are under the National Retail Payments System (NRPS) Framework.
The NRPS is a BSP-led program that aims to establish a safe, efficient, affordable and reliable electronic retail-payments system in the country, with an estimated increase in the share of electronic payments to at least 20 percent by 2020.