Banks and e-money issuers urged to help consumers transition to e-payments
“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,” PPMI chairman Justo Ortiz said. “We encourage our members to continue pushing for digital payments 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,” he added. PPMI supports the Bangko Sentral ng Pilipinas in overseeing electronic funds 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. There has been 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, 34.50 percent higher compared to figures during pre-ECQ months in January to February which was at 11.57 million. The value of Instapay transactions in March and April amounted to a total of P96.42 billion, up by 27.44 percent or P20.76 billion versus the first two months of the year. On the other hand, PESONet transaction value during the same period rose by P57.39 billion or 21.54 percent compared to the combined figures from January and February. “InstaPay enables our kababayans to send and receive money immediately to loved ones and to other banks with transaction fees waived, to pay for bills and food, and even to send in-kind or cash donations without having to leave their own homes. We also see communities formed through online platforms helping each other through donations, crowdsourcing, and supporting small to medium-sized enterprises (SMEs) producing food and other essential goods,” Ortiz said.