Regulators approve merger of operators behind major digital payment systems, paving the way for more efficient bank-to-e-wallet transactions.
Digital payments in the Philippines are set for a major overhaul after regulators approved the merger of the operators behind InstaPay and PesoNET, paving the way for a unified payments network.
The Securities and Exchange Commission has approved the merger of BancNet and Philippine Clearing House Corporation, with BancNet as the surviving entity. The joint venture now operates under the name Payments Network of the Philippines Inc. (PNPI) as of June 1.
InstaPay enables instant, real-time transfers commonly used for e-wallets and retail payments, while PesoNET supports larger, scheduled bank transfers with no amount cap, operated through PCHC’s clearing infrastructure.
The merged structure is expected to improve operational efficiency and support more seamless transactions across banks, fintech platforms, and e-wallet services.
Consumers are also expecting lower fees and fewer friction points in digital transfers, amid long-standing complaints about InstaPay charges and PesoNET processing delays.
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