Electronic banking consortium, BancNet said more banks and e-money issuers are now InstaPay partners, which enable them to meet the growing financial transactions, as we gradually exit from the Covid-19 pandemic.
BancNet President Fabian Dee said BancNet is “in a superior position as we prepare for the gradual exit from the pandemic and consequent recovery of the economy, as well as increased consumption and higher demand for services.”
More banks and non-bank e-money issuers are providing instant, convenient, and safe sending of money to accounts in other banks and e-wallets through InstaPay, BancNet’s real-time interbank money transfer service.
“We have embraced the use of technology in both our internal business operations as well as our development and delivery of services to our members and participants,” Dee said.
For sending money to an account number, the 18 new partners are Alipay, BPI/BPIFamily Bank, CARD SME Bank, CIMB Bank, CTBC Bank, GrabPay, G-Cash, ING Bank, Isla Bank, Legazpi Savings Bank, Lulu Financial Services, PalawanPay, Philippine Business Bank, QCRB, Queen Bank, Seabank, USSC Money Services, and Union Bank.
For sending money through a recipient’s QR PH code, the six new partners are BPI/BPI Family Bank, Cebuana Lhuillier Bank, China Bank Savings Bank, Equicom Savings Bank, Standard Chartered Bank, and Zybi Tech.
Depositors of East West Rural Bank can now send and receive money via a mobile number or email address. They need to register their mobile number or email address with their bank to receive money. They can send and receive money to and from BPI, China Bank, China Bank Savings, Guinobatan Bank, RCBC, and Union Bank.
The accountholders of GCash and Lulu Financial Services can now pay for their purchases by scanning the QR Ph code at selected business establishments in the country.
Elmarie Reyes, BancNet CEO said people have embraced digital financial transactions. “The strict community quarantines forced us to go digital but even with the easing of mobility restrictions these past few months, InstaPay continued to grow relentlessly.”
InstaPay recorded its highest single-day volume of 1.88 million transactions on December 15, 2021. The total value was also an all-time high of P12.93 billion. December 15 was the last payday before Christmas and the day when some employees receive their 13th-month pay or Christmas bonus.
Reyes said they expect this upward trend to continue this year, as access to the internet expands along with the country’s economic recovery.
Mobile app users can send and receive money instantly to and from accounts in another bank or e-wallet through inputting an account number, a QR PH code, or by using a mobile number or email address registered with participating banks.
Initially designed for person-to-person money transfers and payments, InstaPay enables consumers to pay for goods and services at over 200,000 partner stores and other business establishments nationwide displaying the QR PH code.
InstaPay was launched in April 2018 as part of the Bangko Sentral ng Pilipinas (BSP)’s National Retail Payments System aimed at raising the ratio of cashless transactions to total transactions by 2023 to 50 percent. Since then, over 660 million InstaPay transactions have been processed by BancNet.
Over 200,000 stores now accept payment via QR PH Code
Mobile app users of InstaPay partners enjoy the ease and convenience of paying for their purchases by simply scanning the QR Ph code at over 200,000 stores and other businesses nationwide. These stores represent a 566 percent increase over the 30,000 QR Ph-enabled stores when payment to QR Ph merchants was launched on October 12, 2021.
The QR Ph acceptance points span a vast range of big and small businesses from boutiques, beauty and wellness salons, coffee shops, and specialty stores to department stores, restaurants, and supermarkets.
The InstaPay partners that provide this service through their mobile banking apps are All Bank, AUB, Cebuana Lhuillier Bank, China Bank, Land Bank, Pay Maya, RCBC, Union Bank, and non-bank e-wallet issuers Starpay, TayoCash, and USSC Money Services.
QR Ph is the national QR code standard of the Philippines. It interconnects different QR codes in the country, making payments more convenient and secure for both business owners and their customers.