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Keisha Ta-Asan - The Philippine Star
February 11, 2025 | 12:00am
The jump was driven by the rise in switched transactions, which rose by 41.2 percent or 690 million to 2.37 billion from the previous year’s 1.68 billion transactions.
Businessworld / DAVID DVORACEK-UNSPLASH
MANILA, Philippines — Transactions processed through electronic payments network operator BancNet reached P11.38 trillion in 2024, surging by 33.9 percent from P8.5 trillion in 2023.
The jump was driven by the rise in switched transactions, which rose by 41.2 percent or 690 million to 2.37 billion from the previous year’s 1.68 billion transactions.
Switched transactions included fund transfers, cash withdrawals, balance inquiries, bills payments and merchant payments via debit cards or QR Ph codes.
These transactions took place across automated teller machines (ATMs), point-of-sale (POS) terminals as well as digital platforms such as InstaPay, enabling seamless interbank and e-wallet transactions.
“As the national switch for ATMs and POS terminals, BancNet interconnects these banking channels to provide enhanced convenience to its members’ customers,” the payments operator said.
Fund transfers through InstaPay continued to dominate BancNet’s transaction volume, reflecting the sustained preference for digital payments post-pandemic.
BancNet handled 1.45 billion InstaPay transactions in 2024, making up 61.4 percent of total switched transactions, while other transactions accounted for 920 million or 38.6 percent.
As the designated operator of a designated payment system under the Bangko Sentral ng Pilipinas, BancNet ensures the safety and efficiency of InstaPay, allowing users to transfer funds instantly across different banks and e-wallets.
BancNet maintained system reliability despite the rapid growth in transactions, recording an impressive 99.9 percent average service availability for InstaPay and for ATM services.
BancNet’s expanding network includes 110 member institutions, 121.2 million cardholders, 27,600 ATMs, 607,000 POS terminals, 90 InstaPay participants and over 1,600 biller companies.
