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The value of electronic fund transfers coursed through the PESONet and InstaPay jumped by 30.1 percent to hit P3.81 trillion in the first four months of the year from P2.92 trillion in the same period last year, as more Filipinos turn to digital channels for their financial transactions.
The Philippines continues to catch up with digitalization in Southeast Asia as electronic fund transfers in the country rose by 34.5 percent in the first two months of the year, according to the Bangko Sentral ng Pilipinas.
The value of electronic fund transfers coursed through the PESONet and InstaPay jumped by 36 percent to P955.9 billion in January from P702.6 billion in the same month last year as more Filipinos continue to embrace digitalization.
Some consumers are being charged up to 3 percent on paywave purchases, despite a 0.2 percent cap.
The value of electronic fund transfers coursed through the PESONet and InstaPay surged by 37.3 percent to P9.94 trillion last year from P7.24 trillion in 2021 as more Filipinos embrace digitalization, data from the Bangko Sentral ng Pilipinas showed.