MANILA, PHILIPPINES — The Philippine market now has more options to make and receive payments instantly as InstaPay – powered by BancNet – services are enhanced through the payments expertise of Mastercard and technology of Vocalink (a Mastercard company). The partnership was first announced in 2019. With the enhanced InstaPay service, Filipinos can now make transactions by simply scanning a QR code or using the receiver’s mobile number or email address.
These payment options will make it easier for more consumers to access the digital economy for day-to-day necessities when they send money to people and pay merchants across different banks and e-wallets. By removing the need to share bank or wallet account details, these payment innovations also provide consumers with a greater sense of security that comes with not having to divulge personal details.
“We are pleased to see more people choosing to go cashless and prioritizing a hassle-free payment experience. Through Mastercard’s technology, we hope to maintain a steadfast adoption of digitalization with more innovative and convenient ways to go cashless, even after the pandemic,” said Elmarie Reyes, BancNet CEO.
The enhanced InstaPay experience provides consumers with additional payment options that are built on global ISO 20022 data standards. The ISO 20022 payments messages enable transactions to be processed with fewer errors or delays, and less manual interventions, making it more efficient and cost-effective for financial institutions. For consumers, this also means transactions are more seamless and secure.
“With Filipino consumers turning to quicker and safer options to send and receive money, diversifying InstaPay’s capabilities is a great opportunity to leverage the digitization of payments in further enabling both person-to-person and person-to-merchant transactions. This partnership is a testament to Mastercard’s commitment in supporting the efforts of the Bangko Sentral ng Pilipinas to move towards a cash-lite economy and increase the share of digital payments for retail in the country to at least 50% of all transactions,” said Simon Calasanz, Country Manager, Philippines, Mastercard.
In 2021, the annual transaction volume across InstaPay’s network grew to over 429 million, up from 2.3 million in 2018 when InstaPay was launched, underscoring the speed at which the market is embracing digital transformation. The InstaPay network comprises 61 financial institutions and over 200,000 merchants that will be able to provide new payment experiences on the enhanced platform. New features include allowing consumers to split a bill with friends through their bank or wallet app, or pay bills by scanning a QR code without having to fill in biller and payment details.
InstaPay aims to accelerate the adoption of digital payment channels across many sectors in the country. With solutions enhanced by Mastercard and Vocalink, InstaPay is better positioned to provide Filipinos with simple, smart, and safe ways to make cashless transactions part of their day- to-day life. The availability of InstaPay’s services might differ across InstaPay partners, so please check with your financial service provider for details.
