This method of electronic payments will be at the forefront as the country transitions into the “New Economy.” As of May 31, 2020, PESONet has 58 participating institutions while InstaPay has 45. Both are expected to have more participating institutions in the coming years.
The BSP is also encouraging the wide adoption of the national QR code standard as well as the use of online payment facilities for government transactions. The launching of the EGov Pay facility to digitize government collections and disbursements will lead to more efficient government collection, better audit, and enhanced transparency. It also aims to eventually plug revenue leaks.