Central bank data showed on Tuesday that PESONet transactions were valued at P176.26 billion, more than three times the P52.76-billion transactions posted when PESONet was launched in November 2017. PESONet is designed for high-value transactions of companies, businesses, government agencies and individuals. Meanwhile, transactions made through InstaPay reached P49.50 billion as of April, more than two times the transaction value posted when the platform was initiated in April 2018. InstaPay enables an account holder to transfer money up to P50,000 a day, immediately credited to a recipient account in any participating financial institution. InstaPay is offered by 45 financial institutions, while PESONet is offered by 56 financial institutions as key services for their account holders as of March 31.

Source: Manila Times April 28, 2020 17:26 UTC