When it comes to sending money safely and efficiently, two popular payment systems in the Philippines stand out: PESONet and InstaPay. Both services are regulated by Bangko Sentral ng Pilipinas (BSP) under the National Retail Payment System (NRPS), but they differ in key aspects. Understanding these differences can help you choose the right option for your transactions.
What is PESONet?
PESONet is a secure, real-time payment service that allows you to transfer Philippine Pesos (PHP) to e-wallets, banks, and other financial institutions. It’s ideal for those making bulk payments or transferring larger sums, as it does not have a fixed maximum limit for transactions, though individual banks or e-wallet providers may impose their own limits.
Key Features of PESONet:
- Transaction Limits: While PESONet has no declared maximum transfer limit, banks and e-wallets may impose their own limits, especially for mobile transfers.
- Processing Time: PESONet processes payments 24/7, though transactions completed after the bank’s cut-off time will be queued for next-day processing.
- Bulk Transactions: Ideal for sending large sums of money at once. Perfect for businesses or individuals needing to transfer bulk payments.
Send money from your Coins.ph Wallet for free via PESONet! After entering the
amount, just select PESONet for Delivery Time, enter the receiver’s bank
details, and slide to pay!
What is InstaPay?
InstaPay, like PESONet, is a BSP-regulated payment channel, but it caters more to everyday low-value transactions. It enables you to transfer funds in real-time to e-wallets, banks, and mobile money operators.
Key Features of InstaPay:
- Transaction Limits: InstaPay has a strict limit of PHP 50,000 per transaction. This makes it ideal for sending smaller amounts quickly, but you’ll need to wait until the next day if you need to transfer more.
- Real-time Transactions: InstaPay operates 24/7, with real-time crediting of payments to the recipient.
- Low-Value Payments: Best for sending small to medium payments that don’t exceed the PHP 50,000 limit.
Send money from your Coins.ph Wallet for free via InstaPay! After entering the
amount, just select PESONet for Delivery Time, enter the receiver’s bank
details, and slide to pay.
PESONet vs InstaPay: Key Differences
Which One Should You Choose: PESONet or InstaPay?
- Choose PESONet if you need to send large sums of money or are making business-related payments. Its flexibility with transaction limits and bulk payments makes it an excellent choice for non-time-sensitive transfers.
- Choose InstaPay if you need a fast, real-time solution for smaller amounts. It’s perfect for urgent payments that need to be credited immediately, such as paying bills or transferring money to family members.
