The Manila Bulletin reported that the Philippines is unifying its digital banking ecosystem through the merger of the operators behind InstaPay and PesoNet, the country's two main electronic payment systems.
InstaPay enables real-time fund transfers up to PHP 50,000, while PesoNet handles higher-value batch settlements. The merger is expected to create a single, more efficient payment rail, reducing fragmentation and simplifying transactions for banks, fintechs, and consumers.
This consolidation aligns with the Bangko Sentral ng Pilipinas' digital payment adoption goals, aiming to increase the share of digital transactions to 50% by 2023 and promote financial inclusion across the archipelago.