Alyssa Arizabal/Rappler
InstaPay for Business is available through PNB, GoTyme, RCBC, Wise, and DCPay, though industry officials say all major banks have already signified interest to participate
MANILA, Philippines – Businesses can now use InstaPay to make real-time payments of up to P500,000 per transaction, opening the widely used fund transfer network to larger transactions such as B2B supplier payments, payroll, insurance claims, and loan disbursements.
InstaPay for Business raises the transaction ceiling tenfold from the regular P50,000 limit. The service is available 24 hours a day, seven days a week, and allows enterprises with corporate or business accounts to send money immediately to either individual or company accounts.
There is also no limit to the number of transactions or aggregate daily value. The sending financial institution may nevertheless impose lower ceilings and set their own fees.
