InstaPay, PESONet transfers reach P2.6 trillion in January

By Katherine K. Chan, Reporter

TRANSACTIONS coursed through PESONet and InstaPay reached a total value of around P2.6 trillion in January, data from the Bangko Sentral ng Pilipinas (BSP) data showed.

As of January, the value of InstaPay and PESONet transfers jumped 43.1% to P2.581 trillion from P1.803 trillion in the same month last year.

Meanwhile, both clearing houses recorded a combined transaction volume of 688.801 million in the first month of 2026, over quadruple (329.86%) the 160.238 million seen a year prior.

Broken down, the value of transactions made via InstaPay surged by 65.52% to P1.242 trillion in January from P750.618 billion in the same month last year.

The volume of InstaPay transfers also ballooned by 350.45% year on year to 678.319 million from 150.588 million previously.

On the other hand, PESONet transactions were valued at P1.338 trillion during the month, up 27.11% from the P1.053 trillion recorded in January 2025.

The volume of transactions made via the payment gateway also climbed by an annual 8.62% to 10.481 million from 9.649 million, central bank data showed.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said PESONet and InstaPay transactions sustained their growth as consumers and businesses continued to patronize digital payments.

“(This) reflects the continued shift toward digital and cashless transactions, driven by wider use of mobile banking and e-wallets, strong remittance flows, and growth in (e-commerce),” he said via Viber.

“InstaPay’s faster growth points to increased use for real-time, small-value payments, while PESONet is driven by business and bulk transactions,” he added.

Wider adoption of QR Ph, the country’s national standard for quick response code payments, likely also boosted traffic for both automated clearing houses, said Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co.

“This surge shows how fast Filipinos are moving away from cash,” he said in a Viber message. “Everyday payments — from bills to small purchases — are increasingly done via e‑wallets and digital banks, while wider QR Ph acceptance and faster, cheaper transfers made InstaPay and PESONet the default choice.”

In the coming months, digital payments in the country will likely continue posting strong growth, Mr. Rivera said.

“Digital payments should continue to grow at a double-digit pace, supported by financial inclusion, better payment infrastructure, and changing consumer behavior, although growth may gradually normalize as adoption matures.”

InstaPay and PESONet are automated clearing houses under the central bank’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

Meanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.

The BSP wants digital payments to make up 60-70% of the total volume of retail payments by 2028 in line with the Philippine Development Plan.

The share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024, according to the BSP’s 2024 Status of Digital Payments in the Philippines report. These are up from 52.8% and 55.3%, respectively, in 2023.

The central bank has said that advancing developments in cross-border payments, lower transfer fees, and increased adoption for government transactions would help boost digital payments further.