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