Latest news with #PESONet
GMA Network
27-05-2025
- Business
- GMA Network
Electronic fund transfers hit P7.15T from Jan.-April 2025
The value of electronic fund transfers coursed through PESONet and InstaPay reached over P7 trillion in the first four months of 2025, according to data from the Bangko Sentral ng Pilipinas (BSP). The combined value of transactions through the BSP-National Retail Payment System-supervised automated clearing houses hit P7.15 trillion in January to April this year, up from P5.22 trillion in the same period in 2024. The bulk of electronic fund transfers during the period were made through PESONet, amounting to P4.014 trillion, which is higher than the P3.122 trillion in PESONet transactions from January to April 2024. InstaPay transactions, meanwhile, reached P3.13 trillion in the first four months of the year, up from P2.101 trillion year-on-year. In April alone, the value of transactions through PESONet reached P1.011 trillion, up from P855.01 billion in the same month last year. InstaPay transactions, on the other hand, stood at P841.11 billion in April 2025, higher than the P558.62 billion in transaction value seen in April 2024. Launched in 2017, the Philippine EFT System and Operations Network, or PESONet, was the first automated clearing under the BSP's National Retail Payment System. It is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system. InstaPay is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. Launched in 2018, it is designed to facilitate small-value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, and for e-commerce, which shall enable, among others, micro, small, and medium enterprises (MSMEs). —VAL, GMA Integrated News
Coin Geek
15-05-2025
- Business
- Coin Geek
Philippines pushes for fairer digital transaction fees
Getting your Trinity Audio player ready... The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, is urging financial institutions to adopt a 'market-based' and 'fair' pricing mechanism for digital transaction fees, in a move aimed at reducing—if not removing—costs for consumers transferring money electronically. The BSP is currently seeking comments from stakeholders on a draft circular that would guide banks and non-bank financial institutions in setting their fees for electronic fund transfers such as InstaPay and PESONet. 'The pricing mechanism must be adequately supported by an analysis of costs incurred by the BSFI [BSP-supervised financial institution] in delivering electronic payment products and services, which may be subject to validation by the BSP,' the proposal stated. BSP emphasized that these pricing models must not create an imbalance between different users. 'The pricing mechanism shall not unduly favor one end-user relative to others,' the draft further noted. The proposed guidance marks a shift from the central bank's previous approach, explicitly proposing eliminating fees on small-value personal fund transfers. That provision is no longer part of the current draft. Although the response of banks to the earlier proposal remains unclear, any effort to bring down digital transaction costs aligns with the BSP's broader agenda to increase digital adoption and improve financial access across the Philippine population. According to BSP data, current InstaPay fees range from PHP8 to PHP75 ($0.14 to $1.35) per transaction, while PESONet charges can go as high as PHP600 ($11). Furthermore, the draft circular introduces an added layer of oversight, requiring BSP approval for any increases in existing fees or the introduction of new charges on digital payment services. Digital payment usage surges as BSP eyes more inclusive system The BSP's push for fairer transaction fees comes on the back of rising digital payments across the country. According to the latest central bank data, the share of digital payments in total retail transactions rose to 52.8% in 2023, up from 42.1% in 2022. This means that out of the estimated five billion monthly retail payment transactions in the country last year, over 2.6 billion were conducted through digital channels. The central bank sees this growth as both an opportunity and a responsibility. By ensuring that fees are aligned with actual service delivery costs, it aims to support further uptake while making financial services more accessible to more Filipinos. BSP governor cites financial sector strength, vows reform continuity The BSP's regulatory efforts to improve digital transactions are part of a broader strategy to strengthen the financial system, which the central bank said closed 2024 with strong momentum. In its report on the Philippine Financial System for the second half of 2024, the BSP highlighted the continued growth of supervised financial institutions, including banks, trust operations, and foreign currency deposit units. These gains, it said, have enabled institutions to keep delivering essential financial services to households and businesses alike. 'BSP's policy reforms and collaboration, alongside improving macroeconomic and industry outlook, have enabled supervised entities to expand and meet Filipinos' evolving financial needs,' BSP Governor Eli M. Remolona, Jr. said in a statement. 'These efforts support a more resilient financial system.' The report attributed sector-wide growth to a widening financial services network and advances in digital platforms. These trends, BSP noted, are enhancing customer experiences and increasing the reach of financial services, including to underserved and remote communities. The BSP also outlined its continued focus on safeguarding the system against financial crime and cyber threats. It spotlighted the rollout of enhanced supervision mechanisms for money laundering and terrorism financing risks, as well as a cyber resilience roadmap and updated regulatory approaches for money service businesses and pawnshops. Additionally, the lifting of the moratorium on the establishment of digital banks was cited as a forward-looking step, reinforcing the BSP's commitment to innovation while maintaining oversight. Watch: The Philippines is at the forefront of blockchain tech adoption title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
