Electronic payment (e-payment) transactions coursed through the automated clearing houses of the Bangko Sentral ng Pilipinas’ (BSP) National Retail Payments System surged to P340.9 billion as of June this year.

Data provided by BSP Governor Benjamin Diokno showed on Tuesday that PESONet transactions were valued at P240.6 billion, 356 percent up from the P52.76-billion transactions posted when PESONet was launched in November 2017.

In volume, PESONet transactions climbed 690 percent to 2.6 million transfers from only 392,906 in November 2017. Participants also grew by 45 percent to 58 BSP-supervised financial institutions such as bank and nonbank electronic money issuers.

PESONet is designed for high-value transactions of companies, businesses, government agencies and individuals. It is the electronic alternative for transferring funds via checks.

Meanwhile, transactions made through InstaPay increased to P100.3 billion as of June, more than 500 times the P19.1-million transaction value posted when the platform was initiated in April 2018.

In volume, Instapay transactions also picked up sharply to 18.3 million from only 1,740 in April 2018.

InstaPay enables an account holder to transfer money up to P50,000 a day, immediately credited to a recipient account in any participating financial institution. InstaPay is designed for urgent and small-value transactions.

InstaPay is now offered by 46 financial institutions, a 188-percent surge from the initial 16 participants.

Earlier, Diokno announced that banks further waived fees for PESONet and InstaPay to provide more relief to their clients amid the coronavirus disease 2019 pandemic.

Union Bank of the Philippines, Asia United Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank Corp., Sterling Bank of Asia and Standard Chartered Bank were extending the waiver until December 31.

HSBC, meanwhile, has waived the fees for retail clients, but reduced the P150 fee for corporate clients to P50 since July 1.

On the other hand, extend waiving fees until September 30 are BDO Unibank Inc., Metropolitan Bank and Trust Co., Bank of the Philippine Islands, Rizal Commercial Banking Corp., China Banking Corp., Philippine National Bank (until further notice), Bank of Commerce, Robinsons Bank, Philippine Savings Bank, Paymaya, GXI and China Bank Savings.

“The BSP is actively pushing for the use of digital payments now as part of a safe and convenient payment system,” Diokno said.

He added his goal was half of all financial transactions — in volume and value — should be in digital form by mid-2023, when his term ends.

“With the quantum jump in the use of digital payments during the lockdown, I’m confident that this goal would be achieved sooner,” the central bank chief said.