MANILA, Philippines — Union Bank of the Philippines continues its drive for inclusive prosperity by fully supporting the government’s National Retail Payment System (NRPS), which seeks to steer financial transactions gradually away from cash and check-based payments to electronic fund transfers and e-wallet disbursements.
Currently, UnionBank is among seven institutions supervised by the Bangko Sentral ng Pilipinas participating in InstaPay – BSP’s second automated payment system under the NRPS – after the PESONet, which was launched last November.
Aiming to further broaden financial inclusion by covering the unbanked and underserved areas, InstaPay is accessible 24/7, all year round through mobile apps and internet banking facilities provided by participating banks and e-money issuers.
It allows customers to transfer Philippine funds almost instantly between accounts, eliminating the need to go to bank branches or payment counters for their transactions.
Among the first Philippine banks that offers fund transfer to other banks, UnionBank provides comprehensive cashless transfer options that best suit customers’ needs. It is also among the participating financial institutions for PESONet.
With the PESONet or Philippine Electronic Fund Transfer System and Operations Network, government, businesses, and individuals can initiate electronic fund transfers and recurring payments from accounts maintained in BSP-supervised financial institutions to corresponding accounts in other BSFIs. The funds will be available in the recipient account within the same banking day, or immediately upon clearing.
Meanwhile, InstaPay allows customers to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day.
UnionBank customers can transfer funds through InstaPay by logging on to UnionBank Online which employs strict security features to ensure fast, reliable and safe online and mobile banking experience using a multi-factor authentication.
InstaPay may be used for numerous transactions such as person-to-person payments; domestic remittance; payment to service providers like plumbers, electricians and carpenters; face-to-face payment of goods like in sari-sari stores, bazaars, etc.; and even donation to charitable institutions.