Fact Sheet: What Is Instapay
Fact Sheet: What Is Instapay
Fact Sheet: What Is Instapay
What is InstaPay
InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost
instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the
Philippines. The service is available 24x7, all year round.
Customers of InstaPay participating institutions with savings, current, or e-money accounts (with or
without ATM/debit cards) can use InstaPay for sending and/or receiving fund transfers. Users of
Instapay may be individuals, businesses, or government agencies.
Customers may choose to use InstaPay when they want to do the following --
Transfer funds electronically
Make the funds to be available to their recipient immediately
To send funds via InstaPay, customers need to access their bank’s or e-money issuer’s mobile app or
internet banking facility, choose to send to another institution via InstaPay, and provide the required
information. Some participating institutions provide a transaction receipt to notify the sender that the
transfer is successful.
At the minimum, the sender needs to identify the bank or non-bank e-money issuer where the receiving
account is maintained, the account number of the receiver, and the amount to be transferred.
To receive funds via InstaPay, customers don’t need to do anything but they can verify if their account
has been credited with the funds transferred by accessing their bank’s or non-bank e-money issuer’s
mobile app or internet banking facility. Some participating institutions provide SMS or email notification
upon receipt of funds.
Customers can transfer funds up to PHP50,000 per transaction as many times during the day. They
should, however, contact their bank or non-bank e-money issuer to verify if there is a minimum amount
for sending via Instapay or a daily limit on the aggregate amount a customer may transact in a day.
Participating institutions may apply a fee for sending via InstaPay. The fee may vary depending on each
participating institution’s pricing strategy. There is no fee, however, for receiving funds via InstaPay.
Customers receive the amount in full.
A schedule of fees will be made available on the BSP website https://www.bsp.gov.ph for greater
transparency and to allow the public to make an informed choice on which fund transfer service to use.
Funds transferred via InstaPay are received almost instantaneously, 24x7, all year round.
Payment Funds Maximum Mode Service Charges Applied
Type Availability Transaction Availability
Limit
InstaPay Almost Max of Electronic 24/7, all Sender may bear charges;
immediate PHP50,000 year round Receiver is not charged and
gets full amount sent
PESONet Same day No Limit Electronic 24/7, Sender may bear charges;
banking Receiver is not charged and
days only gets full amount sent
Checks Next Day No Limit Over-the- Banking Charges may vary;
counter hours only Receiver gets full amount on
check
Money Same day No Limit Over-the- Business Sender may bear charges;
Transfer counter hours only Receiver may also bear charges
Agent
InstaPay is subject to the security standards mandated by the Bangko Sentral ng Pilipinas.
No, InstaPay is only available for PHP fund transfers between accounts maintained in the Philippines
with InstaPay participating institutions.
Can InstaPay be used to transfer funds from an InstaPay participating institution to a non-
participating institution
No, InstaPay can only be used to transfer between accounts maintained with InstaPay participating
institutions.
As with other funds transfer services, customers sending via InstaPay must exercise due care in
providing the correct recipient’s information and amount to be transferred. Customers should check
the information carefully before allowing the transaction to proceed.
Funds transferred via InstaPay are credited almost immediately and with finality. If a customer
transferred funds to a wrong beneficiary account, the customer should inform their bank or non-bank e-
money issuer as soon as possible.
On the other hand, if a customer received money and does not know where it came from, the customer
should call their bank or non-bank e-money issuer immediately and authorize it to return the money to
the sender.
For complaints and other requests, customers may contact the customer service hotline of the
participating institution where they maintain their account.
Formed under the framework of the National Retail Payment System, which was approved by the
Monetary Board in 2015 and adopted under Circular No. 980 issued in November 2017, InstaPay is a
priority automated clearing system that aims to bring about a safe, efficient, affordable, and reliable
retail payment in the country specifically for real-time, low value electronic fund transfer transactions.
Moreover, InstaPay is a viable alternative to checks, cash, and coins.
InstaPay is governed by an industry-led body known as the Philippine Payment Management Inc. under
the oversight of the Bangko Sentral ng Pilipinas.
The rules and service levels that govern InstaPay are defined, agreed upon and observed by the ACH
participants. BancNet Inc. has been designated by the ACH to serve as the clearing switch operator
handling InstaPay’s day-to-day operations for an initial period of two years.
Settlement is done via the BSP’s real time gross settlement system, known as PhilPaSS. The settlement
of all net clearing obligations are required to be prefunded through the participant institution’s DDAs
maintained with the BSP. This significantly mitigates credit risk and opens equal opportunities to small
and large institutions to participate in the Instapay ACH. InstaPay participating institutions that do not
have PhilPaSS membership may participate through a sponsorship arrangement with a PhilPaSS
member.
For more information, the public may visit the BSP website (https://www.bsp.gov.ph). They may also
direct their queries to their preferred InstaPay participating institution.
For questions, comments, or clarifications regarding this InstaPay Fact Sheet, please contact:
Payment System Oversight Department
Bangko Sentral Ng Pilipinas
(63 2) 708-7701 local 2744
nrps@bsp.gov.ph