The existence of the PESONet and InstaPay was crucial in facilitating two key milestone initiatives of the National Retail Payment System: the Government e-Payments (“EGov Pay”) facility via PESONet; and the National Quick Response Code Standard (“QR Ph”) via InstaPay. As a result of the pandemic and the consequent lockdowns, more consumers shifted from cash payments to digital payments.
The evidence is crystal clear: the use of PESONet and InstaPay zoomed exponentially. For the first eight months of 2020, the value of InstaPay rose almost 400 percent, while that of PESONet jumped 100 percent year-on-year. By volume of transactions, InstaPay and PESONet soared by 624 percent and 130 percent, respectively. This is truly excellent news.