UnionDigital offers unlimited, free InstaPay transfers until yearend – BusinessWorld Online
UNIONDIGITAL Bank, Inc. (UD), the digital banking arm of listed Union Bank of the Philippines, Inc., is offering unlimited and free fund transfers via InstaPay until yearend for the holiday season.
Registered UnionDigital users may transfer funds using InstaPay without transaction fees through the UD mobile application.
InstaPay is a real-time, low-value electronic fund transfer service that allows transactions up to P50,000 and is mostly used for remittances and e-commerce.
“As padala season peaks during the holidays, multiple money transfers and expenses can lead to overlooked transaction fees, chipping away at the hard-earned money Filipinos send to their families,” UnionDigital President and Chief Executive Officer Danilo “Bong” J. Mojica II said in a statement on Monday.
“With our unlimited and free InstaPay transfers, UD hopes to empower Filipinos to give generously, ensuring every peso goes directly to their loved ones with no deductions. This way, they can make every bit of it count this Christmas.”
UnionDigital said this is also in support of the central bank’s push for digital payments adoption as part of its financial inclusion efforts.
“UD champions financial inclusion by making payments and transfers simple, mobile-first, and free,” Mr. Mojica added.
In 2024, online payments accounted for 57.4% of retail transactions by volume and 59% by value, up from 52.8% and 55.3%, respectively, in 2023, according to the Bangko Sentral ng Pilipinas’ (BSP) 2024 Status of Digital Payments in the Philippines report.
The BSP wants digital payments to make up 60-70% of retail transaction volume by 2028, in line with the Philippine Development Plan. — Katherine K. Chan