Banks, e-money providers urged to help consumers transition to e-payments

The Philippine Payments Management Inc. (PPMI) urged its members to continue helping consumers use online and mobile banking amid the continuing quarantines caused by the COVID-19 pandemic.

“Banking should be available to everyone anytime and anywhere, reliable, real-time, safe, secure, cheap, and accessible. We are prepared and ready to embrace digital to make this real and part of normal,” said Justo Ortiz, chair, PPMI. “We encourage our members to continue pushing for digital payment usage to their customers. With the restrictions in movement due to different levels of quarantine, banking services must continually be made available to consumers through means that will be safe for the customers and the providers as well.”

PPMI supports the Bangko Sentral ng Pilipinas (BSP) in overseeing the electronic fund transfer services such as InstaPay and PESONet. These enable individuals, businesses and even the government to transfer money to other accounts in other banks through online banking and/or mobile apps.

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There are reports of an exponential increase in the adoption of digital or electronic payments in the past years. The number of Instapay transactions from March until April was at 15.56 million, which was 3.9 million or 34.50 percent higher compared to figures during pre-ECQ months from January to February which was at 11.57 million.

Instapay, PESONet

The value of Instapay transactions in March and April amounted to a total of P96.42 billion pesos and was higher by 27.44% or P20.76 billion as opposed to the previous two months of this year pre-ECQ. On the other hand, PESONet transaction value during the same period was higher by P57.39 billion or 21.54% as compared to the combined figures from January and February.

For individuals who wish to activate their online or mobile banking facilities, the following PPMI members allow for online activation of digital banking facilities: Asia United Bank Corporation, Bank of Commerce, Bank of the Philippine Islands, BDO Unibank Inc, China Bank Corporation, East West Banking Corporation, G-Xchange Inc (G-Cash), Land Bank of the Philippines, Metropolitan Bank and Trust Company, PayMaya Philippines, Philippine National Bank, Philippine Savings Bank, Rizal Commercial Bank Corporation, Robinsons Bank Corporation, Security Bank Corporation, Sterling Bank of Asia Inc, Union Bank of the Philippines, and United Coconut Planters Bank.