InstaPay is an electronic payment service launched in 2018 in the Philippines. It aims to facilitate instant fund transfers through e-wallets, banks, or non-banking institutions, that have partnered with the platforms. According to the research and other sources available, InstaPay is a secure and safe payment method for low-value transactions. 

The platform is governed by Philippine Payment Management Inc. (PPMI) and is directly supervised and overseen by BSP. It is a part of BSP’s National Retail Payment System, powered by BancNet, which acts as a clearing switch operator. It follows global security standards and is guarded by a strict verification process to ensure data encryption and protection. 

InstaPay interconnects with EMI issuers and banks based in the Philippines, where all the settlements are done through PhilPasSS, BSP real-time gross settlement systems. All the participating banks or institutions must pre-fund the settlement amount through DDAs (Demand Deposit Accounts), which BSP maintains. 

It allows transfers up to PHP 50,000 and also allows partnered issuers to set their daily transaction limits. 84+ Participating banks and electronic wallets at InstaPay includes All Bank, Bank of Commerce, Bank of China, AUB, Card Bank, BPI Direct Bank, BDO Network Bank, CARD SME Bank, China Bank Savings, CIMB, East West Bank, Equicom Savings Bank, GrabPay, Landbank, PalawanPay, PBCom, ING Bank, Maya Bank, Philippine Business Bank, Net bank, Shopee pay, Starpay, Sun savings bank, PSBank, Standard Chartered Bank, Sterling bank of Asia, Philippine Business bank and many others. 

Moreover, the platform does not charge any transfer fee from the receiver, but the sender needs to pay around ₱8 to ₱25 (varying for different bank options). 

Advantages of Using InstaPay 

A list of advantages of using InstaPay includes the following- 

  • It is the safest and most legitimate platform for transferring funds. 
  • More than 84 banks are participants in the platform. 
  • The fund transfer at InstaPay is fast and has no extra waiting time. 
  • There are zero transfer charges for the receiver and minimal costs for the sender. 
  • The platform’s services can be used online through QR codes or in-store payments.
  • The services are available 24/7 for the whole year. 
  • Anyone with a Peso bank account or e-wallet is eligible to use InstaPay. 
  • InstaPay requires no additional registration on the platform. Users must only register to the e-wallet or banking platform to use InstaPay. 

How to Use InstaPay?

Below are minimal and easy steps to follow to send or receive money through InstaPay. 

For Sending Money 

  • Log in to your bank or e-wallet account with the existing username, password or other credentials. 
  • Opt for the fund transfer option. 
  • Opt for the account you wish to send money from and enter recipient details, including their bank account number and phone number or QR code. 
  • Confirm the details 
  • and Lastly, enter the OPT for authentication to transfer the amount safely. 

For Receiving Money 

Receivers do not need to follow any steps to receive money. All they need to do is log in to their bank account or e-wallet account and check the balance or statement for the credits. 


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