Launched in April 2018, InstaPay is a real-time interbank money-transfer service in the Philippines. It allows customers to transfer up to PHP50,000 almost instantly between accounts of participating banks and non-bank e-money issuers. It operates all day, every day, all year round.

Filipinos pay for 8% of all online purchases, an e-commerce segment worth approximately US$440 million, using bank transfers.

Other bank-transfer methods in the Philippines include BitPay, DragonPay, GrabPay and HyperWallet.

The benefits of supporting bank-transfer payment methods in the Philippines

  1. Just 2% of Filipinos have a credit card, so supporting alternative payment methods is a must.
  2. Between 2021 and 2025, the value of the Filipino e-commerce market will almost double.
  3. Filipinos already spend US$1 billion and rising with overseas e-commerce merchants.

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Type Bank transfer
Company behind LPM Bangko Sentral ng Pilipinas
Market share details The service has strong government and central bank support and is part of a wider initiative to increase digital payments and financial inclusion in the Philippines. As of July 2019, nearly 30 banks were participating as sender/receiver institutions and 15 as receiver-only institutions.
Market relevance Medium

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