BSP launches InstaPay
The Bangko Sentral ng Pilipinas (BSP) finally moves closer to their goal of providing a reliable electronic retail payments system in the Philippines with the recent launch of InstaPay. The new payment method is an automated clearing house (ACH) under the National Retail Payment System (NRPS) Framework.
InstaPay became active last April 23, it followed BSP’s first ACH called PESOnet, launched back in November 2017. Via the new electronic fund transfer service, Filipino’s will be able to conduct electronic retail payments in real-time. Fund transfers and payments have a limit of Php 50,000 per transaction, although there will be no daily limit. Transferred funds are received in full as there are no added fees or extra charges on the receiving party’s end. However, senders and cash withdrawal of recipients may be charged.
InstaPay is open 24/7 and is accessible through mobile apps and the internet banking facilities of participating banks and e-money issuers, other e-channels will follow suit. To avail of the service, both the receiving and sending parties must have accounts with participating institutions. At the time of activation, there are 20 InstaPay participating institutions.
source: Bangko Sentral ng Pilipinas