InstaPay, PESONet transfers reach P16 trillion

Filipinos moved more than P16 trillion in funds through the InstaPay and PESONet systems in the first half of 2026, underscoring the rapid adoption of digital payments as regulators expand efforts to promote cashless transactions.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that the combined value of transactions coursed through the two automated clearing houses surged 45 percent from a year earlier to P16.1 trillion.

The number of transactions surged even faster: volumes reached 4.2 billion, up 162 percent year-on-year.

InstaPay, a real-time digital payment system for transactions of up to P50,000, is widely used for retail purchases, toll and ticket payments and e-commerce, supporting in particular micro, small, and medium enterprises.

The BSP said InstaPay had surpassed ATM withdrawals in both volume and value since 2020, when the pandemic pushed many Filipinos to shift away from cash.

That momentum has continued. The value of InstaPay transactions jumped over 60 percent from a year earlier to nearly P8 trillion as of June, while volumes climbed 173 percent to 4.1 billion.

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Meanwhile, PESONet caters to large-value fund transfers, serving as an electronic alternative to the paper-based check system.

Figures showed funds transferred through PESONet reached P8.1 trillion as of June, up 33 percent from a year earlier. The system handled 64 million transactions, an increase of 14 percent.7