PESONet, InstaPay designated as 'important'

IN accordance with the National Payment Systems Act, the Monetary Board of the Bangko Sentral ng Pilipinas authorized the designation of digital payment schemes PESONet and InstaPay as prominently important payment systems (PIPS).

The central bank explained in a statement on Thursday that PIPS refers to a payment system that, while it might not produce or transmit systemic risk, might possibly have negative economic effects or damage public confidence in the country's payment system or in the circulation of money.