MANILA — The Bangko Sentral ng Pilipinas (BSP) says all is set for the roll-out of the InstaPay platform later this month.
BSP Deputy Governor Chuchi Fonacier said the platform’s launch which is expected sometime in mid April, is “within the target timeline.”
“So far, no problems have been enouncountered that may delay the implementation,” she added.
InstaPay is envisioned to be a real-time, low-value payment transfer system made possible through technology-enabled means.
It is the second clearing house under the central bank’s National Retail Payment System (NRPS), which is intended to speed-up the electronic payment system around the country.
The first clearing house — the electronic fund transfer (EFT) also called PESO Net, was launched in November 2017. It allows for the transfer of funds from one’s bank account to another.
BSP Governor Nestor A. Espenilla Jr. earlier said PESO Net remains the prime clearing house because it facilitiates trouble-free payment transactions around the country.
“It will potentially replace check payments because once people get used it, they can simply execute electronic payments by issuing a digital instruction allowing funds to move digitally,” he said.
NRPS is intended to increase electronic payment usage from the current one percent to around 20 percent of total payments by the year 2020.
Espenilla said the planned electronic payment system is beneficial to the micro, small and medium enterprises because it will help them increase their customer reach, cut the cost of managing cash and provide easier access to credit. (PNA)
