Paymaya taps BSP’s Instapay

Paymaya, the digital wallet backed by PLDT Inc., launched a new way for consumers to transfer money from their bank accounts alongside a string of banking partnerships.

In a statement on Tuesday, Paymaya said it tapped the central bank’s InstaPay platform.  This will allow account holders to transfer amounts of up to P50,000 from their bank accounts and receive them in real time to their PayMaya accounts.

Using InstaPay, depositors of Asia United Bank, BDO, China Bank, Chinabank Savings, Equicom Savings Bank, Security Bank and UnionBank can send money to their PayMaya accounts.

InstaPay is an initiative led by the Bangko Sentral ng Pilipinas under the National Retail Payments System framework that aims to further boost the amount of digital financial transactions in the country, in line with its goal of increasing the share of digital transactions to 20 percent by 2020.

“This is yet another milestone in our drive to help build a ‘cashless’ ecosystem throughout the entire country,” said Orlando B. Vea, PayMaya Philippines CEO. —MIGUEL R. CAMUS