The Philippines is becoming accustomed to digital payments. We've seen how GCash, PayMaya and Coins.ph become the new trend in the market today. Banks, on the other hand, are also trying to evolve their traditional system to accommodate the growing customers who are into mobile and online transactions.
In light of the new financial landscape in the country, the Bangko Sentral ng Pilipinas (BSP) introduced another electronic fund transfer service that not only caters to a specific bank but also with the other participating BSP-supervised banks and non-bank e-money issuers.
Dubbed as InstaPay, this newly launched service allows users to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day.
As of this writing, there are already six banks who can send and receive InstaPay transactions. For your reference, below are the names of the participating banks:
- Asia United Bank (AUB)
- BDO Unibank
- China Banking Corporation (Chinabank)
- China Bank Savings (CBS)
- Equicom Savings Bank
- Security Bank
- Unionbank of the Philippines
Other financial institutions that can receive InstaPay transactions are:
- CTBC Bank
- EastWest Bank
- Land Bank of the Philippines
- Metropolitan Bank & Trust Company (Metrobank)
- Philtrust Bank
- Philippine Savings Bank (PSBank)
- Rizal Commercial Banking Corporation (RCBC)
- Robinsons Bank
- Sun Savings Bank
- United Coconut Planters Bank (UCPB)
- Yuanta Savings Bank
BSP said that there will be more companies that will be added soon depending on the demand of the customers.
As for the charges, BSP said that this will depend on the financial institution's strategy to launch the InstaPay service. However, there will be NO TRANSACTION FEE for receiving funds via InstaPay. To know more about InstaPay, you may check this fact sheet.
What are your thoughts about InstaPay? Will this help you save and manage your money better? Feel free to share your comments below, mga kuripot!