March 2, 2020 – When using mobile banking apps or even crypto wallet apps, there is an option to transfer to another account through the PESONet service. PESONet is an electronic fund transfer service that, when used, allows for bank transfers. The receiver of the money gets the amount at the end of the day. This is in contrast with InstaPay, another money transfer service wherein the amount gets transferred to the recipient account in near real-time.
According to PESONet Steering Committee Head John Cary L. Ong, PESONet is being prepared to handle multiple settlements in a day, starting with 2 – 3 settlements a day. This means there will be 3 times within the day that a transfer via PESONet will get settled instead of just by the “end of day.” Mr. Ong said another one of their goals is 24/7 availability.
If this is achieved, PESONet will be almost on par with InstaPay. While InstaPay process money transfers in near real-time, a user can only send money up to Php 50,000. There is also a fee involved, which PESONet does not have. PESONet is seen to be useful to businesses.
For comparisons, check out our PESONet vs Instapay article.
Having multiple settlements will also help the Bangko Sentral ng Pilipinas achieve its target of increasing digital transactions in the Philippines by 30% at the end of 2020.
Source: Business World
This article is published on BitPinas: PESONet Looking to Have Intraday, Instead of End of Day Money Transfers