1 month ago
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Inter-bank network BancNet's switched transactions soared to over two billion last year, reflecting a 41 percent increase driven by the continued popularity of digital fund transfers and payments.
According to BancNet, the electronic payments network processed a total of 2.37 billion switched transactions, up from 1.68 billion in the previous year.
BancNet said this surge in transaction volume translated to a total value of ₱11.38 trillion in January to December 2024, a 33.9 percent rise from the ₱8.50 trillion recorded the previous year.
Switched transactions encompassed fund transfers, cash withdrawals, balance inquiries, bill payments, debit card or QR Ph code payments to merchants, and payments to government agencies.
These transactions involve a bank or e-wallet customer utilizing the facilities and services of another bank or e-wallet, such as ATMs, point-of-sale (POS) terminals, QR Ph codes, and InstaPay.
InstaPay transactions, at 1.45 billion, constituted 61.4 percent of the total switched transactions, highlighting the growing preference for real-time fund transfers.
Other transactions accounted for the remaining 38.6 percent, with 920 million transactions. BancNet, as the designated payment system (ODPS) operator for InstaPay by the Bangko Sentral ng Pilipinas, ensures the secure and reliable operation of this real-time fund transfer service.
The company noted that its systems maintained robust performance throughout the year, with average service availability rates of 99.995 percent for InstaPay and 99.994 percent for ATM services.
BancNet's extensive network comprises 110 members with a combined card base exceeding 121.2 million, along with over 27,600 ATMs, approximately 607,000 POS terminals, 90 InstaPay participants, and more than 1,600 biller companies.
