InstaPay Transfers Surpass ATM Withdrawals

The Bangko Sentral ng Pilipinas (BSP) announced that InstaPay transactions have overtaken ATM withdrawals in both value and volume.

According to a report by Inquirer, InstaPay reached P623 billion in September 2024, a 45% increase from 2023.

This means the volume of transactions also rose by 67%, totaling 123.4 million.

Just like online shopping and ordering food online, InstaPay has gained popularity as more consumers opt for safer and more convenient digital payment methods.

InstaPay Payments

What I find to be good news is that the BSP is proposing new policies to encourage more Filipinos to use digital payments. The Bangko Sentral plans to lower transaction costs and possibly eliminate them altogether.

InstaPay

As the digital payment and cashless era continue to bloom, what do you think will be the pros and cons of this?

In a related story, digital bank GoTyme has officially launched its ‘Pay One, Free One’ system for transfers to other local banks and e-wallets. GoTyme Introduces “Pay One, Free One” Transfer Fee System

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