The Philippines has now taken another step forward towards becoming a cashless society with the launch of Bangko Sentral ng Pilipinas’ new digital payment system - the InstaPay. According to BSP Governor Nestor Espenilla Jr., the National Retail Payment System (NRPS) is aimed at enabling businesses and consumers to make payments and transfer funds electronically from one account to another using any digital device. With InstaPay, consumers can make low value electronic fund transfers below P50,000 and be part of the more holistic digital financial ecosystem.
The InstaPay is set to be launched on April 23 Monday, and will be available 24/7.
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