InstaPay

Grab users can also transfer available funds from their GrabPay wallet to their bank accounts and e-wallets.

The BSP earlier said that volume of InstaPay transactions during the ECQ in Luzon from March 17 to May 12 rose by 84%, while PesoNet transactions grew by 24%.

As of now, PayMaya is not charging any transaction fees for the service until further notice.

The BSP has given BSP-supervised financial institutions (BSFIs) not later than March 31, 2019 to ensure that all its frontline personnel have the necessary know-how to implement fund transfer services PesoNet and InstaPay.

Cashless transactions or electronic payment ratio in the Philippines have reportedly improved to as much as 10 percent in the first quarter of this year compared to just 3 percent three years ago.

BSP governor Nestor Espenilla has raised the possibility of linking instant payment networks within member states of the Asean to enable cross-border payments, following the launch of the country's second automated clearing house called InstaPay.

Via InstaPay, Filipinos can start enjoying safe and affordable electronic retail payments in real-time.