Philippine banks go digital with launch of electronic fund transfer service

InstaPay enables transactions of up to PHP50,000 per day.

The Philippine central bank has rolled out electronic fund transfer service called InstaPay which can be used for e-commerce payments, according to a press release.

InstaPay is an automated clearing house enabling electronic retail payments in real-time. Individuals, businesses and institutions can both send and receive funds of up to PHP50,000 per transaction in a day.

There is no fee charged for the electronic crediting of funds enabling instant reception of funds to a receiver’s account in InstaPay participating institutions. Charges may however apply to sending parties whilst recipients may also be charged for cash withdrawals.

The launch was part of the National Retail Payment System Framework (NRPS) which aims to increase the share of electronic payments by at least 20% in 2020.

The service, available 24/7, will also be rolled out in the mobile apps and e-banking facilities of partner banks which includes Asia United Bank, BDO Unibank, China Banking Corp., China Bank Savings, Equicom Savings Bank, Security Bank, and UnionBank of the Philippines for both sending and receiving.

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