InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24×7, all year round.
To send funds via InstaPay, customers need to access their bank’s or e-money issuer’s mobile app or internet banking facility, choose to send to another institution via InstaPay, and provide the required information. Some participating institutions provide a transaction receipt to notify the sender that the transfer is successful.
At the minimum, the sender needs to identify the bank or non-bank e-money issuer where the receiving account is maintained, the account number of the receiver, and the amount to be transferred.
To receive funds via InstaPay, customers don’t need to do anything but they can verify if their account has been credited with the funds transferred by accessing their bank’s or non-bank e-money issuer’s mobile app or internet banking facility. Some participating institutions provide SMS or email notification upon receipt of funds.
