Money can move in a jiffy through this platform.
The Bangko Sentral ng Pilipinas (BSP) has rolled out the InstaPay service on Monday, April 23 meant to process real-time fund transfers across different banks and digital wallets.
In a statement, the central bank said the newest payment channel will process transactions 24/7, with the amounts to be credited just a few seconds after the payment is made.
“Via InstaPay, Filipinos can start enjoying safe and affordable electronic retail payments in real-time. Individuals, businesses, and government institutions will be able to send and receive funds or make payments in real time of up to PHP50,000 per transaction, without limit, in a day,” the BSP said.
These transactions are done online and via bank’s apps, and will eventually extend to electronic money wallets.
“This eliminates the need to go through the trouble of physically travelling and transacting at bank branches or payments counters,” the central bank added.