April 23, 2020 – The Bangko Sentral ng Pilipinas (BSP) is encouraging the use of e-payments during the enhanced community quarantine (ECQ) to prevent the spread of COVID-19 by reducing face-to-face transactions.
In a statement, BSP Governor Benjamin Diokno said e-payment services like PESONet and InstaPay can be used for the following purposes:
- purchasing essentials like food and medicine
- transferring money to accounts of loved ones
- paying for utility bills, loans, and other obligations.
BitPinas covered InstaPay and PESONet in an earlier article. Simply put, many banks and non-bank financial institutions are members of either or both. InstaPay allows immediate transfer of funds from one account to another across its member institutions (up to Php 50,000 daily). PESONet is for high-value transactions and the amount will be credited to the recipient by end of day.
BSP said individuals and businesses can leverage both systems when paying or accepting payments. Government agencies can also leverage PESONet and InstaPay for transactions like distribution of monetary benefits under the Social Amelioration Program.
Not to mention, services like GCash, Coins.ph or Paymaya are participants of PESONet and InstaPay. This means a user in Manila with a bank account can send money to his family in the province by providing his family’s Gcash account number.
The BSP is aiming for 20 – 30% of all transactions in the Philippines to switch to digital by the end of 2020.
This article is published on BitPinas: BSP Pushes for E-Payments Amid Lockdown and COVID-19 Pandemic