BUSINESSES in the country can now send up to P500,000 per Instapay transaction under new digital payment initiatives launched by the Bangko Sentral ng Pilipinas (BSP) and Philippine Payments Management Inc. on Wednesday.
“This launch reaffirms the BSP’s commitment to build a payment system for every Filipino, and every Filipino business, no exceptions,” central bank Deputy Governor Mamerto Tangonan said during the launch of Instapay for Business, Instapay Cash-In, and Direct Debit PH.
Under Instapay for Business, enterprises can transfer up to P500,000 — markedly higher than the previous P50,000 — per transaction, with no limit on the number of transactions or total daily transfer value. Participating financial institutions, however, can impose their own transaction limits.
Built on the existing InstaPay automated clearinghouse, Instapay for Business enables real-time, interoperable fund transfers between participating financial institutions for both business-to-consumer and business-to-business payments.
The facility is designed for businesses and enterprises with corporate or business accounts that need to send funds to either individual or corporate beneficiaries. It can be accessed 24 hours a day, seven days a week, allowing beneficiaries to receive funds immediately once a transaction has been successfully processed.
The service is initially available through five participating financial institutions: Philippine National Bank, Wise Pilipinas Inc., DCPay Philippines Inc., GoTyme Bank Corp., and Rizal Commercial Banking Corp.
The central bank said that the fees for using InstaPay for Business would depend on the originating financial institution, with businesses advised to check applicable charges with their respective banks or electronic money issuers.
Direct Debit PH, meanwhile, allows customers to authorize billers to automatically collect payments from their accounts on scheduled due dates. The service was said to be suitable for recurring obligations such as utilities, subscriptions, loan payments and insurance premiums.
“For recurring payments, Direct Debit PH completes the ecosystem by enabling secure, automated collections through a single customer authorization, turning connectivity into convenience and payments into a seamless experience,” PESONet and Direct Debit PH Steering Committee Chairman Carlo Nazareno said.
The InstaPay Cash-In, meanwhile, enables users to transfer funds between accounts they own across participating banks and electronic money issuers.
It is currently available through participating banks such as AllBank Inc., Bank of Philippine Islands, China Banking Corporation, GoTyme Bank Inc., G-Xchange Inc., MariBank Philippines Inc., ShopeePay Philippines Inc., and Union Bank of the Philippines.
