The Philippine central bank is merging the operators of the country's two main digital payment systems, InstaPay and PesoNet, according to a report by Manila Bulletin. The unification aims to create a more efficient and integrated digital banking ecosystem.
InstaPay enables real-time transfers of up to ₱50,000 per transaction, while PesoNet handles batch settlements for larger amounts. The merger will consolidate clearing and settlement operations under a single entity, reducing redundancies and enhancing oversight.
The move is expected to accelerate the Philippines' shift toward digital payments, making transactions faster and more reliable for consumers and businesses. The central bank expects the unified system to boost financial inclusion and support the government's digitalization goals.