Transactions under the automated clearing houses strategically formed to drive up cashless transactions in the country breached the P100 billion level in end-June as the government hopes to raise the share of digital payments to 20 percent by next year.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed transactions under the PESONet (Philippine EFT System and Operations Network) and InstaPay reached P109 billion in end-June.

The value of transactions of PESONet that allows fund transfer processed in bulk and cleared at batch intervals from one account to one or several accounts maintained in different banks amounted to P88.1 billion in end-June or 67 percent higher than the P52.76billion level when it was launched in November 2017.

The volume of transactions also jumped by 178 percent to 916,793 in end-June this year from 329,906 in November 2017.

On the other hand, transactions under InstaPay that allows customers to transfer peso funds up to P50,000 almost instantly between accounts of participating banks reached P20.92 billion in end-June from only P19.12 million when it was launched in April 2018 as the number of transactions increased to 2.47 million from only 1,740.

The BSP cited the increase in participating banks and financial institutions for PESONet transactions to 51 from 40 and for InstaPay to 42 from 16.