Our goal in establishing the National Retail Payment System is to promote interoperability. In practical terms, this means that a customer can conduct financial transactions, ranging from deposits to payments, with anyone in the system by just maintaining a single account. PESONet and InstaPay came in handy during the pandemic.
Both saw a surge in both volume and value as people turned to digital platforms for daily financial activities. Transaction volumes for PESONet and InstaPay jumped by 143% and 820% respectively in August 2020.