East West Banking Corp. announced last Tuesday the extension of its free InstaPay service until the end of July.
“As the country strives to make progress with the health crisis, one of the behaviors that developed into a beneficial new norm is digital transactions. Most purchases and fund transfers can be accomplished online, which is why universal bank EastWest plays its part in making the process as seamless and cost-efficient as possible for its customers,” the bank said.
With InstaPay, customers can transfer up to P50,000 per transaction, which will be credited instantly to the recipient’s account in any local bank.
“Our customers’ convenience and safety are always at the core of every service we provide, especially during these challenging times,” EastWest Senior Vice President-Regional Banking Group Ivy B. Uy said. “We hope that our extended free InstaPay and PESONet services will go a long way in helping our customers send money to their loved ones or beneficiaries hassle-free.”
Earlier this month, the Bangko Sentral ng Pilipinas (BSP) reported that financial transactions through the country’s two automated clearing houses—PESONet and InstaPay—were higher by 276 percent in volume and 127 percent in value in April, compared to the figures recorded during the same month in 2020.
“The data are encouraging. These indicate the sustained adoption of digital payments in the country. The preference of consumers for safety in their financial transactions, coupled with the readiness of the BSFIs to offer digital payment choices that are safe, convenient, and affordable will continue to support the widespread use of digital payments,” BSP Governor Benjamin E. Diokno said earlier.