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In accordance with the National Payment Systems Act, the Monetary Board authorized the identification of PESONet and InstaPay as notably important payment systems (PIPS) (NPSA).

According to the Payment System Oversight Framework, a payment system is considered PIPS if it has the potential to have negative economic effects or to erode public trust in the country’s payment system or in the circulation of money, even though it may not produce or transmit systemic risk.

PESONet and InstaPay would be subject to more stringent Bangko Sentral ng Pilipinas (BSP) supervision and monitoring as PIPS in order to safeguard the public.

According to BSP Governor Felipe Medalla, “the classification of PESONet and InstaPay as PIPS is considered timely because these payment systems would make it easier to launch various use cases for digital transactions, such as interoperable bill payments and direct debits.”

As we move closer to the BSP’s goal of having 50% of payments be digital by 2023, he continued, “this further enhances consumer welfare.”

Under the National Retail Payment System, the digital payment platforms PESONet and InstaPay were introduced in 2017–2018. During the pandemic, their use greatly increased.

Checks and regular payments can be replaced by the batch electronic fund transfer service PESONet.

On the other side, InstaPay serves as a real-time, low-value alternative to cash transactions.

The Philippine Clearing House Corporation and BancNet, Inc. respectively run PESONet and InstaPay.

The two payment systems must adhere to global norms that promote secure, effective, and dependable operations, especially those outlined in BSP Circular No. 1126 series of 2021.

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