BSP served as catalyst in the use of digital payments

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the pandemic has served as a catalyst in the use of digital payments in the country as PESONet and InstaPay transactions reached record highs last year amid physical distancing and quarantine protocols.

PESONet transfers surged by 376 percent to 15.3 million in terms of volume and 188 percent to 952 billion pesos in value.InstaPay transactions rose by a dramatic 459 percent to 86.7 million and 340 percent in value to 463 billion pesos.

The initiative to expand the BSP e-payment platform, Diokno said, would immediately be followed by the bills payment facility allowing customers to pay their electricity, water, and telephone bills even if the accounts of the customer and the biller are maintained in different financial institutions.

The BSP is also set to roll out the request to pay facility allowing payees to initiate collections by simply sending a request to pay to the payor.

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