InstaPay is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. This retail payment system, launched on 23 April 2017, is designed to facilitate small value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, Micro, Small and Medium Enterprises (MSMEs).

Payment products can be built on InstaPay that will enable merchants to accept electronic payments from both e-money and bank accounts even without the usual point-of-sale (POS) device used for cards.

By using electronic payments, MSMEs will be able to build a rich digital transaction history that could help establish their creditworthiness and provide them access to credit from formal lending institutions at a price that reflects their good risk profile. This shows that the benefits of using electronic payments especially by MSMEs go beyond convenience and affordability. Electronic payments can even provide greater access to other financial services.

BancNet is the designated clearing switch operator for InstaPay for a two-year transitory period beginning from the time of its launch.