In a statement, BancNet said this represents a 41.2-percent increase — or 690 million more transactions — compared to the 1.68 billion recorded in 2023.
The total value of these transactions reached P11.38 trillion, up 33.9 percent or P2.88 trillion from P8.5 trillion in 2023.
Switched transactions primarily include fund transfers, cash withdrawals, balance inquiries, bill payments, merchant payments via debit card or QR Ph code, and payments to government agencies.
These transactions occur when a bank or e-wallet customer uses the services of another bank or e-wallet through ATMs, point-of-sale (POS) terminals, QR Ph, and InstaPay.
As the national switch for ATMs and POS terminals, BancNet interconnects banking channels, enhancing convenience for its members’ customers.
The company reported that fund transfers and payments through InstaPay dominated transaction volume last year, reflecting consumers’ continued preference for digital payments, a trend that accelerated during the COVID-19 pandemic.
InstaPay accounted for 1.45 billion transactions, making up 61.4 percent of the total switched transactions. Other transactions, including ATM withdrawals and POS payments, comprised 38.6 percent at 920 million.
InstaPay, a real-time fund transfer service operated by BancNet, enables secure, instant fund transfers between banks and e-wallets.
The Bangko Sentral ng Pilipinas has named BancNet as the operator of a designated payment system, responsible for ensuring InstaPay's safe and efficient operations.
Despite the rapid growth, BancNet maintained system reliability, reporting an average service availability rate of 99.995 percent for InstaPay and 99.994 percent for ATM services throughout 2024.
BancNet currently has 110 member institutions with a combined card base of over 121.2 million. Its network includes more than 27,600 ATMs, approximately 607,000 POS terminals, 90 InstaPay participants, and over 1,600 biller companies.
