Instapay vs Pesonet (What You Need To Know)

Both PESOnet and InstaPay are electronic payment services that can be used for Fund transfers, Payments for goods and services, including periodic payments, as well as payments to the government.

PESOnet and InstaPay Features

InstaPayPESOnet
Funds available to recipient almost immediatelyFunds available on the same day (Subject to Transaction Cut-off time)
Transfer up to P50,000 per transactionTransfer any amount per transaction (banks/EMIs set limit)
Alternative to cash (banknotes and coins)Alternative to cheques
Available 24/7 all year roundProcessing of transactions during banking days only and subject to cut-off times
Immediate and urgent transactionsPlanned and non-urgent transactions
List of InstaPay Participating BanksList of PESOnet Participating Banks

How to use InstaPay and PESOnet?

  • Check if the payment service provider is a PESONet or InstaPay participating bank or E-money issuer (EMI).
  • Open the mobile or online banking app and choose the TRANSFER FUNDS option Select “Via PESONet or via InstaPay.
  • Enter the amount and recipient’s account details.
  • Approve transaction (A confirmation email or SMS message will be sent to you for your fund’s transfer).

WHAT TO DO IN CASE OF TRANSACTION ISSUES

REPORT TO THE BANK OR E-MONEY ISSUER

• Take note of your transaction confirmation email/SMS or funds transfer transaction number. A copy or screenshot of the transaction receipt will also be useful and can be presented to banks/EMIs in case of transaction issues.

Call/engage the sending and receiving entities through their website, phone banking facility, or mobile app for consumer complaints.

• Be familiar with the processing times of banks and/or EMIS.

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CONTACT THE BSP FOR UNRESOLVED ISSUES

• Contact the BSP’s Consumer Protection and Market Conduct Office for assistance through the BSP Online Buddy (BOB):

Webchat www.bsp.gov.ph

Messenger fb.com/BangkoSentralngPilipinas

SMS – 21582277 (for Globe subscribers only: BOB will be available to other network subscribers soon)

Source: BSP

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